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Ethereum

Ethereum Hints At Key Accumulation Zone Amid Waning Price Performances

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

Volatility continues to reign over the general crypto market, causing major digital assets like Ethereum to retest key support levels that previously prompted an upward move. With ETH experiencing notable bearish pressure, its price performance shows that the altcoin is on the verge of entering a crucial zone.

A Potential Accumulation Zone Ahead For Ethereum

Recent price movements show that Ethereum, the second-largest digital asset, is at a key moment that could determine its next direction. Technical analysis platform Rose Premium Signals delving into ETH’s price action highlights that the altcoin might be gearing up for an accumulation zone.

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

The platform’s prediction comes as ETH shows signs of waning momentum, fueled by a bearish performance in the general crypto market. Interestingly, long-term investors looking to take advantage of lower prices before a potential rebound may be drawn to the present slump. 

Given the ongoing consolidation after recent volatility, this phase can set the stage for ETH’s upcoming major price upswing, possibly toward a new all-time high. In the meantime, watching key support and resistance levels will be crucial in determining the strength of Ethereum’s market structure to undergo another significant upward move.

According to Rose Premium Signals, Ethereum has now broken below the critical support zone in the 4-day time frame. This breach coincides with ETH’s inability to sustain key price levels amid unfavorable market conditions.

Ethereum
ETH’s bullish pattern breakout aims at $7,000 | Source: Rose Premium Signals on X

Considering the current Bitcoin correction, ETH might keep retracing toward $2,807, providing a possible accumulation zone before a rebound. Nonetheless, if the altcoin fails to produce a rebound, this breakdown could pave the way for increased volatility toward lower support points.

Rose Premium Signals’ chart shows that ETH has formed a bullish pattern that points to an upward trajectory. However, this chart setup suggests a potential deeper correction prior to the resumption of bullish continuation.

Should Ethereum resume its upswing, Rose Premium Signals has predicted a huge rally to the $7,000 mark. With the rising adoption of the Ethereum blockchain, this positive trend might support the altcoin’s next upswing as investors assess potential resistance levels.

ETH’s Downside Movement Crucial For A Major Surge

Rose Premium Signals’ bold forecast aligns with that of Ali Martinez, a technical expert and investor, who has predicted a significant upswing to the $7,000 level. Interestingly, Martinez also anticipates a notable decline to a key support level before ETH resumes its upward direction.

Related Reading: Ethereum Eyes $4,000 Breakout With Bullish Inverse Head-And-Shoulders Setup – Details

Martinez points to a drop to $2,900, which is bullish for ETH as it forms an excellent buy-the-dip opportunity to the $7,000 threshold. His forecast is backed by a key chart formation, particularly the Head and Shoulders pattern, often acting as a precursor for a rally.

Currently, Ethereum is trading at $3,297, indicating a slight increase of about 0.43% in the last 24 hours. ETH’s trading volume has dropped nearly 7% in the past day, suggesting waning investors’ sentiment.

Ethereum
ETH trading at $3,296 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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