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Ethereum Price Analysis: Bullish and Bearish Targets for the Coming Weeks

 


In this blog article, we will examine the price developments of Ethereum (ETH) and analyze both the bullish and bearish targets for the upcoming weeks. Please note that the information provided is based on technical analysis and should not be considered as financial or investment advice. Let's delve into the detailed analysis of Ethereum's market.

Bullish Targets for the Coming Weeks: Bullish targets: $1,938, $1,965/$1,991, $2,019, $2,072, $2,115/$2,160, $2,305/$2,346, $2,467

Similar to the broader cryptocurrency market, Ethereum has experienced some volatility recently. However, the overall outlook for Ethereum remains bullish. The recent pullback found support around the $1,816 level, and even a retracement to the red support zone between $1,774 and $1,751 would not be concerning from a technical perspective. The Golden Pocket, Supertrend, and the EMA200 (blue) moving average provide strong support in this area. Once the bulls reclaim the resistance at $1,938, the focus will shift back to the monthly highs.

If Ethereum makes a strong upward move towards $1,965 and continues its rally to $1,991, it would mark an important turning point. Ideally, Ethereum would break through the purple resistance zone and rise towards the previous month's high at $2,019. A stabilization of Bitcoin above $31,000 would provide additional confirmation. Breaking above the $2,072 resistance level would bring the blue resistance zone into play, specifically between $2,115 and the previous low on January 24, 2022, at $2,160. If the bulls manage to overcome this zone, it would activate fresh upward potential towards the medium-term target range between $2,305 and $2,348.

It's worth noting the significant resistance level formed by the May 2022 sell-off, coupled with the 138.2% Fibonacci extension of the current movement. Once the Ethereum price stabilizes around $2,150 and breaks above $2,346, the focus will shift towards the maximum price target of $2,459. This level aligns with the resistance from last year's May and represents the 161.8% Fibonacci projection of the current upward move.

Bearish Targets for the Coming Weeks: Bearish targets: $1,911/$1,903, $1,853, $1,816, $1,774/$1,751, $1,715, $1,651/$1,629, $1,588, $1,501/$1,474, $1,416/$1,371

The bears have attempted to halt the bullish momentum around the purple resistance zone and pushed the price below $1,938 towards the previous breakout level between $1,911 and $1,903. However, buyers seem to be defending this zone. Only if this zone is decisively broken on a daily closing basis, the focus will shift back to the EMA50 at $1,853. If this support is breached as well, the consolidation could extend to the $1,816 intermediate low.

Once again, we can expect buyers to step in at this price level. However, if the $1,816 mark is dynamically broken, the red zone becomes a crucial chart level on the downside. The bulls will need to defend this zone to maintain control. If, against expectations, the bears manage to break below this area, the likelihood of a sell-off towards the previous breakout level at $1,715 significantly increases. If the bulls remain absent at this level, further downside targets can be expected.

Conclusion: Please note that price predictions are based on technical analysis and should not be considered as guaranteed future price movements. Investors should conduct their own research, consider current market trends, and seek professional advice before making any investment decisions.

Ethereum remains one of the leading cryptocurrencies with widespread acceptance and innovative applications in the blockchain industry. It is an exciting time for Ethereum and the entire crypto world, and we will closely monitor the developments. Stay informed and make informed decisions to maximize the potential of this emerging market.


Disclaimer: The information contained in this blog article is provided for informational purposes only. It does not constitute financial or investment advice and should not be interpreted as such. Any decisions made based on this information are solely the responsibility of the reader. No guarantee is made regarding the accuracy, completeness, or timeliness of the provided information. The article does not constitute legal advice. For specific financial, investment, or legal inquiries, it is recommended to consult a professional advisor. The author and the website disclaim any liability for losses or damages arising directly or indirectly from the use or reliance on the information provided in this article.

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