- Ethereum reaches $3,350, marking a 6.72% growth in 24 hours, with trading volume hitting $49.11 billion.
- Price targets of $6,000, $8,000, and $10,000 are possible, but a short-term dip to $2,800 could occur.
- RSI at 65.07 shows strong buying pressure, while MACD confirms a continued bullish trend ahead.
As of press time, Ethereum (ETH) is trading at $3,350, marking a modest increase of 6.72% over the past day. The trading volume for the same period stands at $49.11 billion, reflecting a 37.08% uptick. Over the previous week, the ETH coin price has increased by 37.08%. Ethereum has surged above the $3,400 level, the first time in five months, indicating a strong upward movement.
Source: CoinMarketCap
Crypto Patel highlighted that Ethereum broke out of a significant inverse head & shoulders pattern. According to the analyst, this breakout preconditions Ethereum to move up. The action in breaking out of $3,400 has exhibited a bullish sentiment. Patel predicts that Ethereum might hit $6,000 in the short term. He termed the future of the second-largest altcoin as mega bullish. This comes with an expectation of ETH hitting $6,000, $8,000, or even $10,000. Such price targets indicate the current bullishness of the market.
Source: X
Bullish Outlook Remains Strong
Nonetheless, he cautioned that in the short term, Ethereum might face a slump. He noted that there is a possible correction to $2,800 now before Ethereum resumes its bullish run. The analyst pointed out that the inverse head & shoulders breakout indicates that Ethereum is likely to proceed with its upward trend in the next weeks.
CoinGlass data shows that there is intense activity within the market regarding ETH. The amount of trading has increased by 20.27% to $146.71 billion. This highlights an increased participation by investors. There has also been a 3.91% growth in open interest to a total of $47.81 billion. The ETH OI-Weighted Funding Rate is currently 0.0088%, which shows that traders are hedging towards a future increase in prices.
Source: CoinGlass
Also Read: Ethereum: Is ETH Set for More Growth After 6.39% Daily Jump?
Analyst Big Mike mentioned that ETH currently trades at the third wave of an impulsive 1,2 series on a 30-minute time frame, which shows bullish drive. Nevertheless, Big Mike said that ETH could use a correction once it has finished the fifth wave. He has forecasted that it may be supported at about the $3,255 to $3,400 mark. Analysts continue to be optimistic and believe that ETH will perform well.
Source: X
Ethereum MACD Confirms Bullishness
The technical indicators of ETH also predict a positive sentiment. The relative strength index (RSI) is 65.07, which means that the buying pressure is high. Nevertheless, as the RSI enters the overbought region, there may be some consolidation or a minor fall before the next rise.
The bullish trend is indicated by Moving Average Convergence Divergence (MACD). The MACD line is at a negative 7.55, the signal line is 56.70, and the histogram is 64.25. These bullish indicators create a bullish sign. This further confirms the bull market for ETH.
Source: TradingView
ETH is also increasingly gaining popularity among retail and institutional investors. Analysts continue to be optimistic, warning of possible short-term corrections but remain bullish over the long term.
Also Read: Ethereum Price Soars 50% as Wallets Hit 152 Million and $4K Targets Emerge
