Ethereum Price Signals Potential 60% Surge
Updated
Ethereum is showing signs of a significant breakout, forming an ascending triangle pattern with three higher lows and three nearly equal highs since June 2022. A decisive weekly close above the $2,000 horizontal resistance could trigger a 43% surge to $2,943.
Currently, Ethereum is holding above the support of the Momentum Reversal Indicator (MRI) at $1,936, indicating potential strength. If Bitcoin's price remains stable, Ethereum is expected to rally towards $2,943, facing resistance at $2,539.
While the target is theoretically $2,943, Ethereum could surpass this and reach $3,186, implying a 60% increase. Conversely, a failure to maintain support above $1,936 may lead to a correction towards $1,795. A weekly close below $1,547 would invalidate the bullish scenario, potentially pushing Ethereum down to $1,309.
Currently, Ethereum is holding above the support of the Momentum Reversal Indicator (MRI) at $1,936, indicating potential strength. If Bitcoin's price remains stable, Ethereum is expected to rally towards $2,943, facing resistance at $2,539.
While the target is theoretically $2,943, Ethereum could surpass this and reach $3,186, implying a 60% increase. Conversely, a failure to maintain support above $1,936 may lead to a correction towards $1,795. A weekly close below $1,547 would invalidate the bullish scenario, potentially pushing Ethereum down to $1,309.
Trade active
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.