The Ethereum (ETH) price has broken out from long-term resistance levels, signaling a potential increase in value.
Will Ethereum Accelerate Increase?
Since June 2022, the ETH price has been gradually increasing, with resistance from an ascending trend line causing multiple rejections. However, the price has created higher lows during this period, indicating an acceleration in the upward movement. Finally, after more than 600 days, ETH broke out from the ascending trend line last week, surpassing a long-term horizontal resistance area that had previously acted as both support and resistance.
What do Analysts Say?
Cryptocurrency traders and analysts have a positive view of ETH’s future. Trader Mayne believes the price target is $3400, while Cold Blood shill predicts a move above $3,000. CJ expects a sweep of the lows before an upward movement, and Bluntz Capital predicts ETH will outperform Bitcoin.
ETH Price Prediction: Will 2020 Fractal Lead to Parabolic Increase?
A comparison between Ethereum’s price movement in the previous bull cycle and the current one reveals similarities. Both periods saw breakouts from horizontal resistance areas that had provided support and resistance for an extended time. Additionally, the RSI readings are almost identical, indicating bullish momentum. In 2020, an RSI movement into overbought territory preceded a parabolic increase of 1,000%. A similar increase this cycle would take ETH to $27,000.
However, if ETH closes below $2,200, this bullish prediction would be invalidated, and the price could fall by 40% to $1,600.
Hot Take: Ethereum’s Breakout Signals Potential for Significant Increase
The recent breakout of Ethereum’s price from long-term resistance levels suggests the potential for a significant increase in value. The ETH price has been gradually rising and finally broke out from an ascending trend line that had caused multiple rejections. Additionally, the price surpassed a long-term horizontal resistance area, indicating bullish momentum. Analysts have a positive view of ETH’s future, with predictions ranging from $3,000 to $27,000. However, if ETH closes below $2,200, this bullish outlook would be invalidated. Keep an eye on Ethereum as it continues to make waves in the crypto market.
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