Will Ethereum Price Hit $2,000 Next Week?

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Published 31 mins ago

Ethereum price remains sidelined for the day. The price has appreciated by nearly 15% in the last four days, indicating a probable upside continuation outside of the consolidation.

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  • Ethereum price trades with a positive bias in a very tight range.
  • The $1,720 remained a critical challenge for the bulls to attack.
  • However, the rising formation on the weekly chart suggests a bullish bias.

Ethereum price turns north

ETH Weekly 3
Source: Trading view

A miraculous recovery in Ethereum was observed from the swing lows of $882. ETH price on the weekly chart formed a Bullish “ AB=CD” Pattern. The bullish ABCD pattern forms during a downward indicate a potential price reversal,  meaning the beginning of a bullish trend.

The three price swings include a drop in price from the A to B level, a correction from B to C level, and another decrease from point C to D level. Ultimately, it creates a zigzag pattern where the D point is the ultimate entry point.

According to this pattern, we can set  profit target at ($2,200) or ($3,550). However, in case  a strong move is identified, the Fibonacci retracement levels could also be used in the same timeframe.

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On the lower side, a breaking of the stop-loss order at $1,500, the price could drop toward $1.200.

 On the weekly chart, Ethereum bulls face a challenge near the 20-day exponential moving average at $1,690. As the price produces a daily close above this level then we witnessed a good bullish momentum to achieve the mentioned targets. 

ETH 4 four
Source: Trading view

Ethereum price on the four-hour chart gave a breakout of an Inverse “Head & Shoulder” pattern. The coin after falling from $2,030 to $1,423, recovered swiftly, & now even formed a reversal Pattern.

Also read: http://What Are Odds Of Ethereum Merge Failure?: Experts Predict

The price gave a breakout of its pattern’s neckline along with the resistance of the 200-day exponential moving average.

If the price is able to sustain above that given level on the daily chart, then we can expect a good bullish momentum of up to $2020

The nearest support could be located near $1,570, whereas the most comparable resistance is $1,750. There is a higher probability of the price to place aggressive bids.

In contrast, a shift in the bearish sentiment could ruin any bullish outlook for the altcoin.  A break below the $1,570 level would temper bullish sentiment. And the price could drop to $1,420.

Ethereum price analysis is bullish on multiple time frames. With a decisive break above $1,750 on the hourly time frame, a buy trade is the most feasible course of action for side-lined investors. 

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As of publication time, ETH/USD is reading at $1,720 with 0.6% gains.

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Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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