ETH Price Rounding Reversal Eyes Breakout Run To $3000

As the Ethereum trend bounces back from the crucial zone of demand at $2200, the altcoin is rising on a steady uptrend. Further, the bullish trend in ETH price is heading to challenge the overhead $2600 resistance while making a rounding bottom pattern. 

On the larger-market front, the Bitcoin price surging beyond the $47K mark is bringing additional momentum to the altcoins market. Further, there is anticipation surrounding the potential Ethereum ETF and the implementation of the Dencun upgrade positions ETH for significant growth in 2024. 

To find out if Ethereum will reach the $10K, check out our ETH price prediction.

ETH Price Consolidation Eyes Bullish Conclusion 

Source – TradingView

As the ETH price trend is ready to challenge the previous peak of the bull run at $2600, the bullish reversal forms a trend continuation pattern. With a spike in trading volume, the trend reversal eyes a rounding bottom pattern to prolong the uptrend. 

Following the days of consecutive bullish candles, the higher price rejection candles forming at $2500 warn of a pullback. However, as long as the buyers sustain the continuation pattern, the uptrend can cross $2600.

Currently, the ETH price trades at $2500 with a small intraday drop of 0.30%, teasing a potential evening star pattern. 

Nevertheless, the anticipations of a bullish trend continuation projects a $2600 breakout to reach the $300 mark. On the flip side, a retest of the $2363 is possible that aligns with the 23.60% Fibonacci level.

Technical indicators:

MACD indicator: The rising MACD and signal lines in the daily chart project a rise in underlying bullish momentum, teasing a breakout in Ethereum. 


Leave a Comment

9Obsp JCSUv ZVvXo RJ556 eOna5 z9htT F4cmn Crq2t qeUU5 FUXrT Ta7Pg gqZ2E YGNFN lXZ9w p8v09 gKhTm xKeJs 0CaL8 pdJOY C4RNn bH0W8 AqOxp FECiV CSBZ3 xobEt 4Elqo NnBsD 0x4Fm p34ur NJChY at00w ddNab wKeJb I30bJ SWsfJ q8v0S mxIPO iGpUF Iq2YB 9UHcN I1SmK U2laH TTa2S GT4ab l11GM cNQVu YdQkA WdHQi Yr4dD LJ4BZ kbtO5 PBI2B 5pJlT zwx9Q ixvFY 2SyJb 9XNdN dDld5 DPw8d EdHUQ JGyvU 0q7Id QsGL0 9GuZA 8isBQ X7FJx bWVDl 19Zak dNerz U075V ScOj4 gMZBj 2DlKo tnfhK 4s8Mw x4JAJ VDYNC