• Home
  • About Us
  • Privacy Policy
  • Terms and Conditions
  • Team
  • Contact
Friday, June 6, 2025
FinCurrency
No Result
View All Result
  • Home
  • News
  • Finance
  • Economy
  • Crypto
  • Home
  • News
  • Finance
  • Economy
  • Crypto
No Result
View All Result
FinCurrency
No Result
View All Result

Ethereum Price Completes 12 Weeks Of Bottom Formation, Analyst Says Don’t Aim Lower Than $4,900 ATH

Sergio Gruber by Sergio Gruber
October 31, 2024
in Crypto, News
Reading Time: 2 mins read
A A
0
Is the Bullish Momentum Fading?
0
SHARES
0
VIEWS
FacebookTweetPinShareShare

Este artículo también está disponible en español.

The Ethereum market has been showcasing signs of potential breakout from its prolonged consolidation phase. Currently, Ethereum shows a modest gain of 0.07% over the past month, indicative of its consolidation status. However, recent technical analyses suggest that Ethereum might be gearing up for a significant price surge.

Ethereum Price Completes Bottom Formation

blockdag 70m

Examining Ethereum’s price movements through the weekly candlestick framework reveals that the cryptocurrency is in its 12th week of consolidation following a decrease that concluded in early August. Intriguingly, analysis indicates that Ethereum’s price is positioned at the bottom of a Channel Up trend’s lower trendline, a trend that began in June 2022.

Exploring the Channel Up Trend

The Channel Up trend has encapsulated Ethereum’s price action between its upper and lower trendlines for over two years. This trend is inherently bullish, characterized by the formation of higher highs and higher lows, suggesting a positive price trajectory for Ethereum. Recently, Ethereum has been on an upward trend, reversing last week’s downturns. As a result, the weekly outlook for Ethereum has shifted from bearish to neutral, inching closer to a bullish stance.

Breaking Through Key Resistance Levels

For Ethereum to fully capitalize on this upward momentum, it needs to break through the weekly MA50 (50-Day Moving Average). According to crypto analyst InvestingScope, surpassing this level could mark the end of Ethereum’s extended consolidation period and pave the way for a rally towards the upper trendline of the channel.

ETH On The Journey To Recording New Highs

Currently, the 1W Relative Strength Index has crossed over its moving average, adding fuel to the momentum. The crucial next step is for Ethereum to breach the weekly MA50. Achieving this would confirm a transition from consolidation to bullish momentum, attract fresh buying interest, and potentially lead Ethereum to a new higher high within the Channel Up structure.

Targeting New All-Time Highs

The Channel Up pattern suggests that establishing a new higher high would require breaking past the existing all-time high of $4,900. Reaching the upper trendline could propel Ethereum’s price above $5,500 before any significant corrections occur. As one analyst mentioned, “When that happens, aim for no lower than the All Time High (TP = 4,900).”

At this point, Ethereum is trading at $2,631, holding steady above the $2,600 mark. This price level is critical for setting the stage for future upward movements, as indicated by the current technical indicators and market sentiment.

Tags: analystcryptocrypto analystCrypto newsETHETH newseth priceEthereumethereum newsethereum priceethusdETHUSDT
Previous Post

Bitcoin Creator Revealed? Is Stephen Mollah the Real Satoshi Nakamoto?

Next Post

ApeCoin Holds Steady At Key Level – Can A Rebound Follow?

Sergio Gruber

Sergio Gruber

Financial writer Hello, my name is Sergio Gruber and I am a finance editor with a specialization in blockchain and cryptocurrency. I have a deep understanding of how the financial world is being transformed by these exciting technologies.I received my degree in Finance Editing from Western Washington University, where I learned how to combine my passion for writing and financial analysis. Since then, I have worked with a number of high-profile publications, helping to educate and inform readers about the latest developments in the world of blockchain and cryptocurrency.

Next Post
ApeCoin Holds Steady At Key Level – Can A Rebound Follow?

ApeCoin Holds Steady At Key Level – Can A Rebound Follow?

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

No Result
View All Result

Popular News

  • How BlockDAG’s Community-First Strategy Raised $68.3M in Presale; Cardano To Roll out New Update & Solana Price Prediction Bullish

    How BlockDAG’s Community-First Strategy Raised $68.3M in Presale; Cardano To Roll out New Update & Solana Price Prediction Bullish

    0 shares
    Share 0 Tweet 0
  • Top 10 Altcoins Under $1 to Invest in 2025

    0 shares
    Share 0 Tweet 0
  • Vanguard Routing Number: How to Find and Use It

    0 shares
    Share 0 Tweet 0
  • Alex Mashinsky Net Worth: From Tech Pioneer to Legal Battle

    0 shares
    Share 0 Tweet 0
  • How to Earn Passive Income? Embrace the Future of Passive Income and Earn 20% Instant USDT with Caged Beasts Coin

    0 shares
    Share 0 Tweet 0

Recent News

$12k Void Opens Up Possibility Of Crash Toward $75,000

$12k Void Opens Up Possibility Of Crash Toward $75,000

January 11, 2025
Phishing, Fake Mining Scams, and $474K Loss in One Week

Phishing, Fake Mining Scams, and $474K Loss in One Week

January 11, 2025
3 kleine crypto’s met potentie

3 kleine crypto’s met potentie

January 11, 2025
Unbelievable 1000x Return in Just 12 Hours!

Crypto Whale Bags $4.9M in Profit with Solana’s AI Meme Coin

January 11, 2025
FinCurrency Logo White Mode Retina Mobile

FinCurrency is a user-friendly platform that stands out as a unique source where our strong team of experienced and academically qualified writers, who are experts in their fields, analyze current issues and global affairs related to the finance and crypto world in an enjoyable and non-technical approach.

$12k Void Opens Up Possibility Of Crash Toward $75,000

$12k Void Opens Up Possibility Of Crash Toward $75,000

January 11, 2025
Phishing, Fake Mining Scams, and $474K Loss in One Week

Phishing, Fake Mining Scams, and $474K Loss in One Week

January 11, 2025
3 kleine crypto’s met potentie

3 kleine crypto’s met potentie

January 11, 2025
Unbelievable 1000x Return in Just 12 Hours!

Crypto Whale Bags $4.9M in Profit with Solana’s AI Meme Coin

January 11, 2025

WARNING:

The content on this site should not be considered investment advice and we are not authorised to provide investment advice. Nothing on this website is an endorsement or recommendation of a particular trading strategy or investment decision. The information on this website is general in nature so you must consider the information in light of your objectives, financial situation and needs.
Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence or obtain advice where necessary. This website is free for you to use but we may receive a commission from the companies we feature on this site.

  • Home
  • About Us
  • Privacy Policy
  • Terms and Conditions
  • Team
  • Contact

© 2024 FinCurrency - Global News

No Result
View All Result
  • Home
  • News
  • Economy
  • Finance
  • Crypto
  • Technology
  • Terms and Conditions
  • Contact

© 2024 FinCurrency - Global News

Banner 1
Banner 2
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Terms and Conditions.