Traders believe Ethereum will return to $4,000 “if” this bullish pattern plays out.
Although macroeconomic and global concerns, from rising inflation in the United States to the prospect of Russia invading Ukraine, continue to cause volatility in financial markets, traders said that Ethereum’s (ETH) current rally is pointing to a quick return could lead to $4,000.
To the surprise of many analysts, crypto market sentiment turned positive yesterday (February 15) after Bitcoin (BTC) surged to $44,500 and Ether (ETH) regained support at $3,100.
4 hour frame ETH/USDT price chart | Source: TradingView
Here’s what some traders are saying about Ether’s recent price action and what to watch out for in the coming weeks.
Independent market analyst Michaël van de Poppe mentioned the strong resistance Ether is facing, outline important support and resistance zones for it.
“Ethereum, like Bitcoin, was rejected in the weekly order block and strong resistance area, ending with a red candle for the week. Given the uncertainty to come over the next week, I don’t think this zone will be breached and will rather test lower levels.”
Weekly frame ETH/USDT price chart | The source: Twitter
Dealer ‘Phoneix’ already show a more positive view pointing a possible evolution of Ether price.
“Ether will play like this, right?”
4 hour frame ETH/USDT price chart | Source: Twitter
One final look at Ether’s long-term price structure was provided by Glen Goodman, author of The Crypto Trader. Gutman was post The charts below compare the formation of an inverse head and shoulders (IHS) pattern on the BTC and Ether charts, noting that the “head and shoulders pattern is about to complete.”
“A bit nervous – the patterns are a little steep and uneven… and there’s also a little problem in Ukraine. Wars tend to mess up nice chart patterns.”
BTC/USDT vs chart. ETH/USD daily frame | Source: Twitter
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
The Morph Zoo is a multi-phased adventure designed to introduce participants to the expansive capabilities…
Antonio Juliano, the visionary dYdX founder, announced his decision to step down from his role…
GameStop, the retail company turned stock market phenomenon, witnessed an unprecedented surge, catapulting its value…
Notcoin exchange, a prominent game and meme project thriving within the Telegram ecosystem, has declared…
Binance Kazakhstan secures ISO 27001 and ISO 27701 certifications, affirming adherence to global standards for…
According to BBG, Bitfarms CEO fired after filing a $27M lawsuit. Nicolas Bonta has taken…
This website uses cookies.