Ethereum Price Completes 12 Weeks Of Bottom Formation, Analyst Says Don’t Aim Lower Than $4,900 ATH
31 Ottobre 2024 - 11:30PM
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Technical analysis suggests the days of the Ethereum price
consolidation might be over very soon. At the time of writing,
Ethereum is trading with a 0.07% gain in the past 30 days, which
reveals the current consolidation situation it finds itself
under. However, according to a technical analysis on
TradingView, the Ethereum price could be well on its way to
reaching a new all-time high after 12 weeks of consolidation.
Ethereum Price Completes Bottom Formation According to a technical
analysis of the Ethereum price in the weekly candlestick timeframe,
the cryptocurrency is currently in its 12th week of consolidation
after a decline that ended in the first week of August.
Interestingly, analysis reveals that the consolidation is at the
bottom of the lower trendline in a Channel Up trend in the weekly
timeframe that started as far back as June 2022. Related Reading:
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Particularly, a close look at this Channel Up trend reveals that
the Ethereum price action has been confined between its upper and
lower trendlines in the past two and a half years. Fortunately, the
trend is a bullish one with the creation of higher highs and higher
lows, which suggests a bullish outlook for the Ethereum price. As
it stands, the Ethereum price has been on an uptrend since the
beginning of the week, essentially reversing last week’s declines.
Consequently, the price has flipped from bearish to neutral on the
weekly outlook and is now moving towards bullish. The only thing
left is for the Ethereum price to keep pushing on this uptrend and
flip above the weekly MA50 (50-Day Moving Average). A successful
push above this level, according to crypto analyst InvestingScope,
would not only signal an end to Ethereum’s prolonged consolidation
but also set the stage for a rally toward the channel’s upper
trendline. ETH On The Journey To Recording New Highs As it stands,
the 1W Relative Strength Index has already crossed over its MA,
lending charge to the momentum. All that’s left now is an Ethereum
price break above the weekly MA50. A break above the MA50 on the
weekly timeframe would confirm the shift from consolidation to
bullish momentum, draw in fresh buying interest and open up
Ethereum’s path to creating a higher high within the Channel Up
structure. Related Reading: XRP Price Explosion Above $3 Is A
Matter Of When, Not If: Analyst Reveals Timeline The Channel Up
structure is structured in such a way that the creation of a new
higher high at this point would necessitate a break above the
current all-time high of $4,900. A touch of the upper trendline in
the Channel Up would see the Ethereum price peaking above $5,500
before undergoing any major correction. “When that happens, aim for
no lower than the All Time High (TP = 4,900),” the analyst said. At
the time of writing, Ethereum is trading at $2,631. Featured image
created with Dall.E, chart from Tradingview.com
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