Ethereum, after a dark period, is again rolling in an upward direction, as it has climbed from around $1,740 to surpass the critical $1,800 resistance level and avoided significant downward corrections. A Bullish call has driven its price beyond the 50% Fibonacci retracement level, while a substantial rising channel offers strong support near $1,800. This creates a crossroad for a sustained upward movement in Ethereum’s price, providing optimism for investors and indicating a positive trend.
From here, what comes next will be a shocker for the investors. Let’s dig into the analyst chart to know more.
Analyst Charts the Odds in ETH Price- Look for Breakout Signs?
Ethereum is currently trading at $1,836; achieving the projected target of $1,993 would require an 8.5% increase. This begs the question: do you think ETH has the potential to make this significant move?
In a recent analysis, seasoned trader Peter Brandt, with over four decades of experience, has set a bullish target for Ethereum (ETH) at $1,993. Brandt’s prediction is based on Ethereum’s breakout from a right-angled expanding triangle pattern formed over several months.
This pattern is known for its potential to signal a continuation of an existing trend or a reversal. Brandt’s chart analysis shows how Ethereum’s price movements fit this pattern, and he points out that Ethereum recently broke above the upper trendline of the triangle, indicating a potential uptrend.
What Next in Ethereum Price?
Setting all eyes on the chart, Ethereum formed a flag pattern after the breakout, often seen as a consolidation phase before a possible continuation of the trend. As of the latest data, Ethereum is trading at around $1,836, and Brandt’s target of $1,993 implies an 8.5% increase from the current price. Ethereum has shown strength, with increased trading volume and a positive price trend.
There is a strong possibility that the retracement level of the downside correction from the $1865 swing high to the $1740 low. Additionally, there is also a central rising channel that is forming with a support building near the $1800 level on the hourly ETH/USD chart.
Although sellers have attempted to exploit this market flux, the buyers have steadfastly maintained a floor at $1,750. Consequently, the coin price oscillates between this support level and the overhead trendline.
Remember that the crypto market is volatile, and price predictions are subject to change. Therefore, while this analysis suggests a bullish scenario for Ethereum, it’s essential to monitor the market and stay updated on the latest developments.