Key Insights
- ETH price has surged by 4% in the past few hours.
- A TD buy signal is displayed on weekly charts.
- Technical analysis of Ethereum indicates that a $3,200 runback is possible.
Ethereum (ETH) price has been in a bullish trend for a wider time frame. It gained momentum while taking support on a major ascending trendline.
ETH price waited for almost two weeks on the trendline. As of writing, the crypto had just formed a strong bullish marubozu candlestick.
After rising by 4% over the day, the price of Ethereum is showing indications of edging closer to $3,000.
Additionally, over the past few days, whales and institutions have been accumulating ETH, which has contributed to the bullish waves that have driven the price of ETH to $3200.
It will be crucial to keep an eye on other technical indicators and determine the direction of the Ethereum price in the face of indications from TCR’s price prediction models for larger gains.
Technical Analysis Signals Bull Run in ETH Price
On the weekly chart, the TD Sequential indicator has shown a buy signal, pointing to a possible market turnaround.
Technical market indicators indicate that ETH is experiencing a positive outlook, and they also imply that cryptocurrency may challenge significant price barriers in the upcoming weeks.
An impending significant market upward trend is indicated by the ETH price chart’s TD indicator.
The possibility of an impending trend change is increased when a “9” candle shows up on the TD Sequential, which denotes waning selling pressure.
After recovering from these signal points, Ethereum has a history of repeating upward movements, which suggests that a price increase is imminent.
ETH Price Gearing Up: Can it Skyrocket Soon?
When writing, Ethereum crypto was trading at $2,768.00 which has surged by 4.02% over the past 24 hours.
The market capitalization was $333.64 Billion and the 24-hour trading volume was around $16.18 Billion.
Based on the technical chart, the price has received buying pressure on the ascending trendline. Amid this bullish move, the price has reached the 20-day EMA which could attract buyers.
If the price surpasses the 20-day EMA, it could approach the 200-day EMA. Once the price starts trading over the 200-day EMA, a decent bull run can be anticipated. Amid this bullish move, the ETH price is expected to hit the $3200 mark.
On the other hand, if the Ethereum price slips below the trendline, buyers might panic. This move could spread fear among investors and they might prefer to book profit. If buyers lose control, strong selling pressure can be anticipated.
ETH Price in Buying Zone: Could it Soar Soon?
Ethereum price is currently positioned at a critical support level, demonstrating bullish momentum with a recent 4% increase in price.
Technical indicators, particularly the TD Sequential, suggest the potential for a strong upward movement, aiming for the $3,200 mark.
The accumulation by whales and institutions further strengthens this outlook, indicating growing confidence in ETH’s price trajectory.
However, vigilance is essential; if the price falls below the ascending trendline, it could trigger panic selling and a reversal in momentum.
Overall, while bullish signals are present, the market remains sensitive to changes that could influence investor sentiment.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
