Extremely Strong Support And Monthly 55 EMA Says ETH Is Headed For $4,867
Ethereum has Not back yet It is in stark contrast to Bitcoin, which has surpassed many price levels in the current cycle over three years of history. Despite being the second largest cryptocurrency, Ethereum has Try to keep up This is true even during price gatherings. But a new technological prospect suggests that Ethereum may soon get rid of this downturn and push towards $4,867 to $4,867.
Very strong support shows that Ethereum breakthrough is close
As technical analysts on the TradingView platform reveal, Technical Analysis Ethereum’s price constitutes a bullish outlook, ultimately surpassing its all-time high of $4,878. Ethereum is Currently located in A key turning point, it trades slightly above the multi-year support trendline. It is worth noting that this trend line has been a solid foundation in previous downturns, allowing ETH to consistently rebound after exposure to this level. Given this historical precedent, the next expected move is another upward rebound that has the potential to lay the foundation for a new bullish push.
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This strength of support for trend lines is further strengthened by key Fibonacci levels that were previously the inflection point of Ethereum’s major rally. Currently, Ethereum is positioned around the 14.6% FIB retracement level above $4,000 in September 2024, and the region has historically created a reversal and strong bullish momentum.
In addition to the Fibonacci level, Ethereum’s price structure is currently supported by 55 exponential moving averages (EMAs) per month, which is often known for marking long-term bullish trends. This adds to the rebound to the multi-year support trendline.
The formation of triangles confirms explosive moves
The analyst also noted that ETH has been trading in a triangle pattern for several months. The triangle pattern usually moves strongly in one direction, and in the case of Ethereum, the support trendline and Fibonacci levels indicate a higher likelihood of an upward breakthrough.
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Specific patterns formed on Ethereum charts It’s a rising triangleis a bullish continuation pattern characterized by a downward trend line and a horizontal resistance region. The upper trend line for the formation is around $4,000, a level proves difficult to violate three different times in this cycle. However, Next try If Ethereum continues to be bullish signals based on Fib levels and 50 EMA, it may cause a breakthrough. Once Ethereum clears the upper limit resistor of the rising triangle, the next major target will be around $4,867, the current all-time high.
When writing, Ethereum is trading $2,760, up 1.1% in the past 24 hours.
Featured images of Ethereum, charts of TradingView.com
