Skip to main content

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.

Location: Kreiensen, 37574 Einbeck, Deutschland

Comments

Post a Comment

Popular posts from this blog

TSMC: Pioneer of AI Chips and Europe's Expansion in the Semiconductor Industry

  In an era where technology is reshaping our way of life, microchips stand at the forefront of this revolution. Within this digital evolution, Taiwan Semiconductor Manufacturing Company (TSMC) has assumed a pivotal role, emerging as a trailblazer in the semiconductor industry. A recently announced project adds more weight to this leadership: TSMC is set to collaborate with Bosch, Infineon, and NXP to establish a state-of-the-art semiconductor factory in Dresden. This article delves into both TSMC's global significance in AI chips and the ramifications of their European expansion. I. TSMC: Leading the Way in AI Chip Production The rapid advancement of technologies like Artificial Intelligence (AI) demands increasingly powerful microchips. As the world's foremost semiconductor foundry, TSMC wields a decisive influence over AI chip production. One of its pivotal relationships lies with NVIDIA, a key player in the AI domain. However, the capacity of NVIDIA alone falls short of mee...
Post a Comment
Read more

🚨🔍 Breaking: French branch of Binance, one of the world's largest cryptocurrency exchanges, is currently under regulatory investigation. F

  French authorities accuse Binance of engaging in illegal practices related to digital asset services and money laundering. This case adds to a series of legal challenges faced by Binance worldwide. In this article, we summarize the key information about this investigation. The Allegations: The Paris Public Prosecutor's Office has confirmed that Binance is alleged to have operated illegally as a provider of digital asset services. Additionally, the company is accused of being involved in "acts of aggravated money laundering." The investigation pertains to activities where Binance is said to have targeted French customers outside the legal framework. These practices are believed to have continued until 2022. The Investigations: The investigations were conducted by the specialized interregional judicial authority of Paris (JIRS). In February 2022, the case was transferred to the SEJF, an anti-financial crime authority of the French government. During a search of Binance...
Post a Comment
Read more

The Synthetix Network Token (SNX): Revolutionary Developments in the Cryptocurrency Space

  The world of cryptocurrencies is constantly evolving, with new projects emerging that have the potential to reshape how we view finance. One of these promising projects is the Synthetix Network Token (SNX). In this article, we will delve into the SNX token, understand how it works, and examine the impact it could have on the crypto world. What is the Synthetix Network Token (SNX)? The Synthetix Network Token (SNX) is the centerpiece of the Synthetix ecosystem, a platform that allows users to create, trade, and speculate on synthetic assets, also known as "Synths." Synths are tokenized versions of real-world assets such as fiat currencies, stocks, commodities, and cryptocurrencies. They enable users to track the performance of these assets without actually owning them. How Does the SNX Token Work? The SNX token is the backbone of the Synthetix network, as it serves as collateral for creating Synths. To generate Synths, users must deposit a certain amount of SNX tokens as col...
Post a Comment
Read more