Ethereum shows a strong bullish trend below the $2,800 key resistance level. This is supported by higher moving averages and lower lows. Price break above this level will lead to the $4,060 upside target, which represents a possible 43% rise.
EthereumETH() shows a strong bullish trend just below the 2,800 dollar high-timeframe support level. The price continues to make higher lows, despite recent rejection from 200-day moving.
The 21-day moving average is a strong indicator of consolidation, as buyers are still active during dips. With volume confirmation, Ethereum’s next upward target would be 4,060 US dollars. That move represents a possible 43 percent rise from the current levels.
Technical points
- Support holding at 21EMA Ethereum’s recent consolidation phase has shown that it respects the 21-day exponential Moving Average, which signals strength.
- Two-hundred and eighty dollars is the key to a good resistance. The major hurdle is this level. It would be necessary to confirm a breakout over it in order for the market to continue on its upward trajectory.
- The Upside Target is $4,060 Next major resistance is $4,060. This represents a possible 43% increase from the current level.
Ethereum is up 4.47 per cent in the recent session, with a distinct series of lower lows. The bullish pattern, which is building below the major resistance, usually indicates a rising pressure or potential for a breakout.
21EMA is a dynamic moving average that continues to support the price. It bounces off it repeatedly. ETH has established a higher low despite the rejection of the 200-day average. This reinforces its bullish structure.
The price remains below the resistance of 2,800 dollars. The price could move quickly to 4,060 dollar if the break above and sustained close is made, particularly with high volumes. Between these two zones of price, there is very little resistance. This supports the idea that a rapid rally is possible once the breakout has been confirmed.
Price action to come
Ethereum will be more likely to reach the 4000 dollar level if it maintains the current bullish structure. If Ethereum breaks through the 2800 dollar resistance and confirms with a solid volume, the rally is expected. For traders to confirm a breakout, they should watch for a daily candle with soaring lows that continues above resistance and closes strongly.
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Source: crypto.news
