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ETH Technical Analysis: Bullish Patterns Shows A 50% Jump Potential

Ethereum

cryptoknowmics.com 13 August 2022 08:00, UTC
  
Reading time: ~2 m

The ETH price action shows a bull run breaking multiple resistance levels and reaching the $2000 mark. But will this uptrend exceed the 200-day SMA?

Key Technical Points:

  • The Ethereum (ETH) price has increased by almost 93% in the last month.
  • The increasing possibility of a bullish crossover of the 50 and 100-day SMA reflects solid underlying bullishness.
  • With a market cap of $243 billion, the intraday trading volume of Ethereum has decreased by 10% over the last 24 hours to reach $18.70 billion.

Past Performance of ETH

As mentioned in our previous article, the Ethereum (ETH) price trend breaks above the $1775 resistance level resulting in a price jump above the $1900 mark. As we predicted earlier, the uptrend may shortly reach the bullish milestone of $2000, accounting for a price jump of 16%. Furthermore, the streak of four continuous bullish candles reflects an improvement in the underlying bullishness. TradingView Chart Source - Tradingview

ETH Technical Analysis

The bullish reversal in ETH prices from the bottom support at the $1000 mark prepares a rounding bottom pattern formation in the daily chart. With a neckline at $2160, The bullish pattern shows potential to drive the uptrend to the $3000 mark upon a bullish breakout. The trend drives the market price closer to the 200-day SMA resulting in a higher likelihood of a bullish crossover between the 50 and 100-day SMA. The recent merger between the fast and slow lines regain the bullish alignment with a spike in the bullish histograms. Moreover, the RSI slope enters the overbought territory after exceeding the 14 days average line. Hence the technical indicators support the bullish analysis of price action. In a nutshell, the ETH technical analysis reflects a high likelihood of an uptrend continuation exceeding the $2000 mark.

Upcoming Trend

If the ETH price action completes a rounding bottom with a jump to $2160, a bullish breakout will fuel the uptrend to reach $3000. However, a bearish reversal will test the support level at the $1900 mark. Resistance Levels: $2160 and $2400 Support Levels: $1900 and $1772


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