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Cryptocurrency News Articles
Ethereum's (ETH) Positive Cycle in a Bear Channel Aims to Reach $3,000 With a Bullish Pennant in the 4-Hour Chart
Sep 25, 2024 at 08:24 pm
With a bullish trend in the broader crypto market, Ethereum is scaling new heights and preparing to hit an overhead trendline.
Ethereum price trend shows a strong bullish recovery run, aiming to hit an overhead trendline. With a bull cycle within a falling channel pattern, the ETH price might continue its uptrend.
Moreover, a bullish pennant in the 4-hour chart indicates a potential breakout rally.
Key technical points:
* ETH price is trading at $2,627 with a 1.03% decrease in the last 24 hours.
* The crucial EMA levels (50, 100, and 200) are present at $2,533, $2,667, and $2,784, respectively.
* The Bollinger Bands indicator in the 4-hour chart showcases upper and lower bands at $2,703 and $2,488, respectively.
Ethereum Price Analysis: Bull Cycle In Ethereum’s Falling Channel
From the last bottom support at $2,150, the ETH token has recovered over 22% in the past 19 days. This recovery run is showcasing a bull cycle within a falling channel pattern.
With a minor correction on September 21, the evening star pattern is observed as the intraday pullback takes support at the 50-day EMA. However, continuing the uptrend in the falling channel pattern, the crucial resistance for Ethereum is present at the 100-day EMA at $2,784.
Crucial Resistance Might Halt Ethereum’s Price Jump
According to a recent analysis by Crypto Quant, the funding rate for Ethereum futures has recovered after the early September drop. From 0.005, the recovery is approaching the 0.01 mark.
As per Shayan, the trading manager at Crypto Quant, an increase in buying activity among futures traders is indicated by the rising funding rates. “This shift signifies that market participants may be turning more bullish.”
Hence, the bullishness might continue to boost the Ethereum price as the broader market recovers.
Technical Indicator
Pivot Points: Crucial pivot points for ETH price are present at $2,533 (S1), $2,439 (S2), and $2,721 (R1).
Bollinger Bands: In the 4-hour chart, the upper and lower Bollinger Bands are at $2,703 and $2,488, indicating crucial resistance and support levels, respectively.
Relative Strength Indicator (RSI): With a value of 53 in the 4-hour time frame, the RSI indicator showcases neutral momentum for ETH price.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
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