“`html
Grounds for confidence
Rigorous editorial guidelines emphasizing accuracy, relevance, and neutrality
Developed by field specialists and thoroughly vetted
The utmost standards in journalism and publishing
Rigorous editorial guidelines emphasizing accuracy, relevance, and neutrality
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Ethereum’s price movement this week has been quite remarkable, with the premier altcoin surpassing $2,800 once again for the first time in four months. Ethereum succeeded in exceeding the $2,800 threshold for the initial time since February, briefly reaching $2,870 before retracting slightly.
Related Literature
Two distinct evaluations by crypto analyst Crypto Patel on the social platform X indicate Ethereum is currently on the correct path. The first, utilizing an 8-hour chart, underscores a surge toward $4,000. The second, employing a long-term two-week timeframe, describes a bullish configuration that might propel Ethereum to $10,000 and beyond.
Ethereum’s Surge From Sideways Consolidation Period
In a recent examination shared on X, a crypto expert known as Crypto Patel emphasized Ethereum’s effort to break free from its defined range. Utilizing the 8-hour candlestick chart, he illustrated how Ethereum spent several weeks since early May fluctuating between clear support at $2,366 and resistance around $2,734. The breakout illustrated on the chart occurred just above this resistance area, when Ethereum momentarily surpassed $2,800 before facing some pushback.
If this breakout maintains above $2,800, Ethereum may initiate a steep upward progression toward the $3,500 to $4,000 region in the upcoming weeks. Crypto Patel accentuated the significance of monitoring whether Ethereum remains above the $2,750 breakout line, as a successful confirmation could spark a wave of bullish movement.
Ethereum’s Path to $10,000 In the Long Run
In a subsequent post evaluating a much broader timeframe, Crypto Patel shared a two-week candlestick chart that traced Ethereum’s long-term structure from 2018. The chart displayed a clearly defined bullish setup, including a rebound from a key bullish order block around $1,400 in April. This rebound functioned as a support level, with the resulting candlestick being a bullish one that broke through another order block between $1,700 and $2,500.
Related Literature
Patel pointed out that Ethereum is now exhibiting signs of a long-term bullish continuation pattern. With support levels already established for the next bear market, the analyst projected a target above $10,000, suggesting a 438% upside potential from current price levels. The chart also identifies $2,500 as a structural pivot point, with Ethereum’s ongoing upward movement anticipated to strengthen if this support level holds.
Consequently, the journey to $10,000 will hinge on Ethereum’s capacity to convert its recent resistance breach into sustained momentum. The $2,800 area must now function as a support foundation rather than a resistance barrier. However, this has not materialized as expected in the past 24 hours, with Ethereum currently down by a substantial 9.6%.
The ensuing price fluctuations have resulted in the leading altcoin reverting to trading within this consolidation range. Inability to maintain above $2,500 could lead to further losses over the weekend until it closes on $2,366 again and potentially initiate another rebound from this point.
Featured image from Getty Images, chart from Tradingview.com
Source link
“`
