Thursday, April 18, 2024

Ethereum eyes $3,200 as bulls show resolve, breakout in sight.

Since October, the price of Ethereum (ETH) has been consolidating within the ascending parallel channel, despite several attempts by the Proof-of-Stake (PoS) token to break out. Right now, Ethereum is outperforming Bitcoin (BTC) by twice as much.

Ethereum valuation indicators: $3,200

As of the time of publication, Ethereum (ETH) is trading at $3,015, up over 3% over the previous day. The PoS token surged over the parallel channel that is ascending, and as long as the ETH bulls keep showing up, there is potential for further gains.

When the Relative Strength Index (RSI) crosses over the signal line (yellow band), a buy signal is hinted at and executed. With histogram bars flashing green in the positive area, the Moving Average Convergence Divergence (MACD) indicator is likewise above its signal line.

Increased buying pressure may cause the price of Ethereum to break through the $3 blockage, clearing this range high and perhaps reaching the predicted target of $3,200, which is 6% above current prices.

In an extremely optimistic scenario, the price of Ethereum might rise to the $3,500 mark, which was last touched on April 5, 2022.

Conversely, a rejection from the channel’s upper border would cause the price of ETH to plunge, sitting below the immediate support level at $2,905.

If Ethereum prices continue to decline, they may break below the channel’s midline and retest the market range’s midline, which is the 50% Fibonacci retracement level at $2,572. Invalidating the bullish premise would be a break and closing below this level.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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