The reversal pattern on the Ethereum chart may forecast a price increase to $7,000 if buying interest persists and market conditions remain favorable.
Head and Shoulders Pattern on ETH Chart
The two-week chart of Ethereum shows an ‘inverse head and shoulders’ pattern, indicating a potential bullish reversal. This pattern allowed Ethereum's price to reach $4,000, suggesting a move towards $7,250, should current buying pressure continue.
Current Ethereum Market Dynamics
ETH price fluctuated around $3,960, nearing the critical neckline level. Sustaining a position above this neckline could signal stronger bullish market phases. Additionally, RSI shows an upward trend, suggesting increased buying momentum.
Ethereum Options Market Overview
The Ethereum options market exhibits strong bullish sentiment, particularly in call positions at the $3,700 and $4,000 strike prices. Noteworthy are the call options at a $6,000 strike price for late March, suggesting investor confidence in substantial price increase.
The analysis indicates that Ethereum could continue its upward trajectory with consistent fund inflows and favorable market conditions, aiming for a $7,000 target.
