The recent price action in the past 24 hours has seen Ethereum clawing back above $2,500 after a pullback that saw its price fall to a low of $2,440. This correction from Ethereum’s peak at $2,770 in the past week aligns with one of the anticipated price scenarios according to crypto analyst KledjdiCuni.
KledjdiCuni’s outlook is now of a reversal into a bullish wave. In his latest update on the TradingView platform, he laid out several upside targets that traders should keep in focus if Ethereum confirms a breakout. The $2,440 region held up as expected, confirming it as a strong accumulation zone for Ethereum.
In the daily candlestick price chart shared by KledjdiCuni, a bullish pattern is illustrated. This pattern shows a formation of higher lows and relatively stable resistance near the upper boundary, resembling an ascending channel structure. This suggests that buyers are gradually taking control of Ethereum’s price action.
The rebound to $2,660 has formed a structure that could break above the current pattern, potentially reaching $2,800 as the first immediate target for a breakout to higher price levels. If Ethereum successfully breaks above the $2,800 resistance level, the bullish momentum could signal the start of an expected bullish trend. The first major target in this sequence is $3,300, with $3,800 and $4,500 as subsequent targets.
Maintaining upward pressure beyond $3,300 and breaking through $3,800 would indicate a firm bullish sentiment across higher timeframes. A longer-term target of $4,500 is projected by the analyst, representing a near-complete recovery from the bear market and new price highs for this cycle.
As of the time of writing, Ethereum is trading at $2,521, with a slight retracement of 0.7% in the past 24 hours. The potential breakout and bullish wave in Ethereum’s price action present an exciting opportunity for traders and investors. Stay tuned for further updates on Ethereum’s price movements.
Featured image from Pixabay, chart from TradingView.com.
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This article provides an overview of the recent price action of Ethereum and the potential for a bullish wave in its price. The analysis by KledjdiCuni on the TradingView platform suggests key targets for Ethereum’s price movement and highlights the current accumulation zone and resistance levels to watch. Traders and investors are advised to keep a close eye on Ethereum’s price action for potential breakout opportunities.