Analyst Dan Gambardello examines current market conditions for Ethereum and forecasts possible scenarios for this cryptocurrency.
Key Breakout Level for Ethereum
Ethereum has registered gains across all timeframes. Over the last 24 hours, the token has risen by 5.8%, and by 5.7% over the past 14 days. However, over the last 7 days, a slight decline of 0.2% has been observed. Gambardello highlights the $4,100 level as critical for confirming further growth. Weak moves above this level do not meet his bullish expectations.
Technical Patterns from 2020
Gambardello notes that the current price of Ethereum mirrors patterns from August 2020. For example, the 20-week moving average crossed above the 200-week moving average, which previously preceded significant rallies. The current risk level is at 49 points, which is similar to levels seen in 2020, indicating a potential upcoming bullish trend.
Consolidation Scenarios and Downward Forecasts
Gambardello also considers the possibility of further consolidation for Ethereum if the price does not exceed $4,100. In this case, sideways action with potential downside risk may occur, which could disappoint altcoin holders. In current conditions, ETH is facing price fluctuations, making predictions challenging.
The analysis of Ethereum's current state indicates several potential scenarios, from possible growth to likely corrections, depending on the breach of key levels.
