<

Ethereum (ETH) Poised for a Potential 50% Surge in the Near Future

The Ethereum (ETH) price has confirmed the previous crucial resistance as support and generated decisive bullish signals. It is expected to continue rising in the near future.

Weekly Outlook

The Ethereum (ETH) price has surged higher since establishing a higher low at $1,523 in the week from October 9 to 15, 2023. During the rise, the price broke above the significant resistance zone at $2,100 and has confirmed it as support for the past 5 weeks (green arrows). This indicate a change in sentiment from selling on rallies to buying on dips, confirming the continuation of the upward trend initiated at the beginning of 2023.

The weekly RSI (Relative Strength Index) has broken above the long-term resistance line and is heading towards the overbought zone. Both are bullish signals, suggesting an advantage for the bulls.

Therefore, the ETH price is likely to continue rising towards the next crucial resistance zone at $3,500. This figure marks a 45.50% increase from the current price level.

ETH/USDT weekly chart . Source: TradingView

Short-Term Range

The daily chart shows that the ETH price has been trading within the range of $2,100 to $2,400 since December 5, 2023. This indicates a balance between the bullish and bearish sides.

However, a positive sign is that the daily RSI has broken above the descending resistance line formed since the price was confined within this range.

Breakouts in the RSI often lead to similar breakouts in price action. Furthermore, the daily RSI is above 50 and sloping upward, supporting the possibility of further upward movement.

Therefore, the ETH price might break above the current range and rise towards the next resistance zone at $2,950 in the coming days.

ETH/USDT daily chart . Source: TradingView

Conclusion

The most likely scenario suggests that the ETH price will continue to rise in the near future. The immediate target is $2,950, with further potential to reach $3,500.

This bullish outlook would be invalidated if the ETH price breaks down below the $2,100 level on the daily timeframe.

Disclaimer: Please note that this article is for informational purposes only and should not be taken as investment advice. As an investor, it is important to do your own research before making any decisions. We are not responsible for any investment decisions you make based on this information. Not Financial Advice.

Read more:

Join us on Telegram

Follow us on Twitter

Follow us on Facebook

Follow us on Reddit

You might also like

LATEST NEWS

LASTEST NEWS