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Ethereum

Ethereum Forms A Bullish Continuation Pattern, An Upsurge To New Heights Ahead?

Godspower Owie
by Godspower Owie
8 months ago
·
Posted in Ethereum
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Amidst a strong resurgence of the general crypto market, Ethereum has gained traction as evidenced by a rebound from the $2,900 threshold. Recording an over 10% upswing in the last few days, ETH continues to maintain its position as a leading crypto asset capable of witnessing significant growth in the ongoing bull cycle.

Strong Momentum Building Up For Ethereum

Ethereum’s price action shows that the digital asset could be poised for an extension of its recent upward movement. Delving into ETH’s recent performance, Rose Premium Signals, a technical analysis platform cites an optimistic chart pattern that might bolster the altcoin to higher levels.

Related Reading: Ethereum Hints At Key Accumulation Zone Amid Waning Price Performances

Rose Premium Signals highlights the development as a sign of strong upside momentum, targeting new heights in the short term. This robust price strength might be triggered by renewed investor confidence and interest in ETH following favorable market conditions.

The platform noted that ETH’s growing momentum is attributed to a strong bounce from the $2,947 support zone. As a result, the altcoin has formed a bullish continuation pattern, which suggests a sustained run to key resistance levels.

Ethereum
ETH’s strong momentum sights a new all-time high | Source: Rose Premium Signals on X

A bullish continuation pattern often precedes large increases, implying that ETH could be on the verge of breaking through critical price levels and possibly establishing new all-time highs. With the general market maintaining a positive trend and rising investors’ interest aiding the uptrend, Ethereum’s current cycle remains promising once again.

According to the platform, this bullish structure coinciding with Fibonacci retracement levels sparks a huge rally for ETH. Thus Rose Premium Signals anticipates a leg-up to the $4,103 and $4,788 marks in the coming weeks.

In the event that the uptrend extends, the altcoin might rally to about $5,568, marking a new all-time high. As market sentiment shifts, these levels are vital thresholds that could determine the sustainability of ETH’s broader market momentum.

ETH Gearing Up For A Breakout

Ethereum continues to uphold its recent bullish performance, breaking key resistance levels that previously hindered its uptrend. With ETH remaining in positive territory, crypto enthusiasts believe a strong rally may be on the horizon.

Related Reading: Ethereum’s January Performance Could Be Significant, Historic Price Trends Shows

After examining ETH’s current price trend, Stockmoney Lizards, a market expert and creator, predicts an impending breakout above the $4,000 threshold in the upcoming days. The expert claims that the altcoin is currently in a corrective channel formation, a pattern that reflects a lengthy consolidation or correction phase.

Stockmoney Lizards points to a possible completion of a correction phase, which began in December. If the $3,100 support level at the 1.618 Fibonacci Extension holds, the expert is confident that ETH might see a breakout shortly, targeting the $4,109 mark.

Presently, ETH is trading at $3,380, demonstrating a nearly 3% upswing in the last 24 hours. Its upward momentum is further bolstered by heightened investors’ interest and confidence as indicated by a more than 100% increase in daily trading volume.

Ethereum
ETH trading at $3,422 on the 1D chart | Source: ETHUSDT on Tradingview.com
Featured image from Unsplash, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Godspower Owie

Godspower Owie

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Godspower Owie is my name, and I work for the news platforms NewsBTC and Bitcoinist. I sometimes like to think of myself as an explorer since I enjoy exploring new places, learning new things, especially valuable ones, and meeting new people who have an impact on my life, no matter how small. I value my family, friends, career, and time. Really, those are most likely the most significant aspects of every person's existence. Not illusions, but dreams are what I pursue.

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