Ethereum’s price continues to hold steady above $3,400, indicating a possible significant uptrend, as analyst Ali Martinez anticipates an imminent surge.
In the last 24 hours, the price of Ethereum (ETH) has risen by 2.9%, reaching $3,485, alongside a 66% surge in daily trading volume to $9.7 billion.
Predictions of an ETH Price Surge by Analyst Martinez:
The recent uptrend in Ethereum’s price is in line with analyst Martinez’s analysis. He highlights the TD Sequential indicator signaling a buy on Ethereum’s 3-day chart. This technical tool, designed to identify trend exhaustion and possible price reversals, hints at a bullish trend reversal for ETH.
Martinez forecasts a potential rebound, with one to four candlesticks expected to move upwards, indicating a potential continuation of the Ethereum price surge in the coming days.
Ethereum had previously attempted a rally but lacked the necessary bullish momentum to sustain the climb. It struggled to stay above the $3,700 resistance level, resulting in a decline that pushed the price below $3,600, eventually dropping below the $3,550 support level to a low of approximately $3,430.
Similar to Bitcoin, Ethereum is now displaying indications of a breakout that could drive its price above $4,100.
Technical Analysis on ETHUSDT:
Bullish Signals for Ethereum Price Surge:
A falling wedge pattern has emerged, suggesting a potential bullish reversal that could motivate optimistic investors to push prices higher. Currently, the price is above both the 50-day and 200-day simple moving averages (SMAs), with bullish efforts focused on breaking out above the wedge pattern to initiate a rally.
The Relative Strength Index (RSI) indicates signs of recovery, hovering around 49 just above the midpoint of 50, showing notable buying pressure. A surge in bullish momentum could strengthen the bulls’ position and validate expectations of an upcoming rally.
The Moving Average Convergence Divergence (MACD) indicator is bullish, with the blue line crossing above the orange signal line towards neutrality, signaling a shift in momentum from bearish to bullish. Positive histogram bars further bolster the optimistic outlook by indicating momentum in price movement.
Potential Upside for Ethereum Price: Aim for $4,100 Breakout:
Ethereum’s price is currently at a pivotal juncture, with bulls striving to maintain upward momentum and target the $4,100 level. The presence of a falling wedge pattern supports positive sentiment, with hopes of reaching Ethereum’s all-time high of $4,880.
However, if bears exploit weakness near the upper boundary of the wedge, a downside move towards the $3,450 support level could be initiated, aligning with the lower trendline of the wedge. Traders and investors should closely monitor these levels for potential shifts in market sentiment and price dynamics.
Disclaimer: This content is informative and not intended as financial advice. The opinions expressed are personal views of the author and do not represent the stance of The Crypto Basic. Readers are advised to conduct thorough research before making investment decisions. The Crypto Basic holds no liability for any financial losses incurred.
