Ethereum’s price action has been constructive lately, breaking out from an Ascending Triangle pattern above the key $2,150 level to hit our initial target of $2,400 resistance. After tapping this zone earlier in the week, ETH has pulled back slightly and is changing hands around $2,334 at press time – down 2% today.
We are closely monitoring price action around the $2,400 level to inform our next move. A decisive break above $2,400 would signal continuation of the uptrend, with upside potential to $2,750 next if bulls can assert control.
Alternatively, we may see Ether pull back further near $2,150 previous resistance-turned-support to offer a swing trade entry in the context of the ongoing uptrend. This would present a nice risk/reward opportunity with upside back towards the $2,400 zone.
As crypto analyst Alice_Crypto_Signals stated: “Ethereum looks set to break out of the bullish pennant pattern and could see gains of 25%+ in the coming days. Take advantage of this opportunity in the crypto-markets.” Her analysis suggests continued upside for Ether, with a measured move price target around $2,750 if bulls can sustain momentum above $2,400.
Fellow analyst DonofBots also sees opportunity for traders during this move: “The red line is the 200MA, set alert on the orange resistance line and you can trade the break out, the potential target is the green line. You can also enter now and use the 5D 200MA as a stop loss! ETH is going to pump hard imo, fomo has not begun!”
His chart analysis points to potential for significant additional gains if $2,400 is broken, with a target near $3,000 based on technical indicators.
At the time of writing, Ethereum is changing hands around $2,334, taking a brief respite after tapping the $2,400 zone this week. Price action remains constructive overall, although some consolidation or pullbacks would be healthy for bulls to establish stronger support before pushing to new highs.
Key support now sits around $2,150, with bulls looking to make another decisive break above $2,400 if the uptrend is to continue towards $2,750-$3,000 in the near term.
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