Ethereum has shown significant growth in recent weeks, surpassing key resistance levels. Let's determine if there is potential for further price increase.
Current Market Situation
The crypto market approaches the $2.20T market. Bitcoin eyes the $64K mark, while Ethereum shows a solid bull run with a 7.53% gain last week and a 5.8% jump the week before. Ethereum's price has surpassed the psychological mark of $2500.
Technical Analysis
In the daily chart, Ethereum's price action reveals a falling wedge breakout gaining momentum over the past seven days. ETH managed to score six bullish candles, accounting for a 15.67% price jump. The uptrend surpasses the 23.60% Fibonacci level and the 50-day EMA, with the current price at $2654. With an intraday gain of 2.91%, Ethereum sustains dominance above the 23.60% Fibonacci level. The bullish trend is likely to challenge the 200-day EMA near the 38.20% Fibonacci level at $2860.
Outlook and Forecast
In the weekly chart, Ethereum's price action shows a pullback phase, taking a reversal from the 200-week EMA. The Ethereum price shows a V-shaped reversal, nearly reaching the 50% Fibonacci level at $2850. Technical indicators suggest a potential golden crossover, with the RSI nearing overbought territory. Based on Fibonacci levels, Ethereum aims for the $3091 and $3321 marks, with support levels at $2500 and $2100.
Ethereum demonstrates strong growth dynamics, surpassing key resistance levels and confirming confidence in further price appreciation. Observing market fluctuations and support levels is crucial for making informed forecasts.
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