Expert Analysis Highlights 4 Strong Bullish Indicators
As the new week begins, Ethereum (ETH) (ETH), the second largest cryptocurrency in market capitalization, has fallen sharply, with key support levels below $2,500 down nearly 10%.
But in this downturn, the well-known crypto analyst doctor profit has identified four compelling Bullish indicators This suggests that Ethereum may recover, potentially closer to its all-time high, or even surpass it.
Key indicators indicate bullish turn
In the nearest one postal On X (formerly Twitter), Doctor’s Profits share insights into detailed long-term analysis of Ethereum. He stressed that this assessment has nothing to do with short-term hype or fast profits, but focuses on the coming months.
“At present, ETH is the best opportunity in the market,” he said, highlighting the key indicators (technology, psychology and chain) that support his bullish stance.
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Doctor profit analysis is based on a broad range of price action data, focusing on advanced signals that typically indicate market shifts. Here are the four main indicators he outlined:
200 weeks Exponential moving average (EMA) has historically been a key level of support for Ethereum. Prices rebounded rapidly after prices fell below this critical threshold during past market declines, such as the Covid crash in 2020 and the bear market in 2022.
Given that the price was only 4% compared to this support a few weeks ago, the risk-return ratio of potential investments is convincing. Doctors’ profit estimates could see a possible shift towards the $8,000 to $10,000 range, with about 200% upside, while the worst case offers only 20% downside.
Doctors’ profits believe that major Ethereum price rise potential
Analysts further highlighted Price of ETH It has been trending in a long-term upward channel and is currently approaching its lower boundary, which is a favorable entrance for investors in history.
Doctors’ profits are expected to be interrupted from the channel in the coming months, with a target of $4,000, a level facing multiple rejections.
However, analysts assured that every failed attempt brings Ethereum price closer to a certainty breakthrough, with potential targets as high as $8,000 to $10,000.
One of the most important patterns right now is the weekly rising triangle. This pattern has merge Since 2020, it has indicated a strong bullish setting.
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Doctor’s profit points out that movements due to this pattern often lead to a large price increase, similar to the recent trends observed in XRP. The meaning of this form suggests that Ethereum may be on the verge of a strong upward movement.
There is a substantial liquidity zone near the $4,000 area that perfectly matches the expected breakthrough and rising triangles of the on-channel.
Analysts say this concentrated liquidity can promote strong market response Move upward.
Despite the current bearish sentiment surrounding Ethereum, characterized by uninterested and high fear of retail, profit doctors stressed that institutional accumulation is rising.
Recording further inflows into Ethereum Exchange Trade Funds (ETFs) and large numbers of on-chain withdrawals further suggests that larger investors are positioning themselves as future gains.
ETH is currently trading at $2,420, down 10% over the past 24 hours and in the past week.
Featured images from dall-e, charts from tradingview.com
