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Cryptocurrency News Articles
Ether (ETH) Flashes 2023 Bullish Setup Targeting $6K–$6.5K by Q1 2025
Nov 09, 2024 at 05:01 am
Ether ETH $2,972.60 recorded its largest three-day return of 2024, with a 21% spike after President-elect Donald Trump was announced as winner of the US presidential election.
Ether (ETH) price Surged by 21% after the announcement of President-elect Donald Trump as the winner of the 2024 US presidential election. The altcoin also managed to push past the overhead resistance of $2,800, breaking out of a trend bottom consolidation range that lasted 96 days.
As the crypto community anticipates a new bullish leg, Ether has flashed a strong buy signal based on a historical setup from 2023.
Chart showing the price of ETH in 2023 with the 50-day, 100-day, and 200-day EMA levels highlighted
In 2023, Ethereum (ETH) witnessed a downtrend between Q2 and Q4, followed by an accumulation range (green box in the chart) in Q3 and the beginning of Q4. Once ETH broke out of the accumulation range, it also registered a break above its descending resistance trendline to exhibit a trend reversal.
The final bullish confirmation was completed after the altcoin exhibited a collective daily close above the 50-day, 100-day, and 200-day EMA levels. Following these confluences, Ethereum rallied by 129% by the end of Q1 2024, reaching a yearly high of $4,100.
Chart showing the price of ETH with the descending trendline, accumulation range, and breakout highlighted
Now, Ether has demonstrated the exact bullish setup. The chart below highlights that the altcoin had a similar downtrend between Q2 and Q4 and a prolonged accumulation phase in Q3. Over the past few days, each bullish confluence from 2023 has been repeated. ETH broke above the descending trendline and pushed out of its longer-term accumulation range to secure a daily close above the 50, 100, 200-day EMA level.
If the price action also undergoes repetition, Ethereum is looking at a price range between $6,000 to $6,500 by Q1 2025.
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