- Ethereum price has sprouted after tight consolidation and eyes a retest of $1,350 and higher levels.
- Chinese ETH miner Jiang Zhuoer anticipates ETH to permanently leave its current range and kick-start a bull run from March to May 2023.
- Invalidation of the bullish outlook will occur if the smart-contract token breaches the $1,215 support level.
Ethereum price has been consolidating since January 3 and has finally triggered an explosive move to the upside. While this move is a bullish development from a technical standpoint, Chinese miner, Jiang Zhouer, says that the long-term ETH consolidation that has been ongoing since June 2022 will end soon.
He added that this range tightening will end in March and May 2023, following which Ethereum price will permanently leave this area and kick-start a bull rally. He stated,
ETH will be the leader of the next round of bull market, and it will start to rise earlier than BTC. I predict that 2-4 months later (that is, from March to May 2023), ETH will start to rise, and it will permanently break away from the current Bottom range.
Ethereum price takes off
Ethereum price was consolidating in a channel for roughly three weeks, starting from December 16, 2022. However, the breakout on January 6 provided fuel for the sidelined ETH buyers to kick-start a buying spree.
As a result, Ethereum price has rallied nearly 5% so far and eyes a push to collect the liquidity resting above the equal highs at $1,350. Overcoming this hurdle will allow ETH to retest $1,375, which is the midpoint of the larger range, extending from $1,679 to $1,071, formed after the 36% crash in early November 2022.
Overcoming the $1,375 barrier will be crucial for Ethereum price to tag the 62% retracement level at $1,448 and 70.5% retracement level at $1,500.
While these targets might seem enticing for the bulls, investors need to note that it is possible only if Ethereum price manages to overcome the $1,375 hurdle first.
ETH/USDT 4-hour chart
On the other hand, if Ethereum price fails to sustain this recent uptick in buyer interest, it will likely retrace its move. If ETH slides into the parallel channel, it will be the first sign of weakness.
A spike in selling pressure that pushes Ethereum price to produce a four-hour candlestick close below $1,215 will invalidate the bullish thesis. In such a case, ETH will likely slide 5% and sweep the liquidity resting below the equal lows at t$1,150.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction
The SEC says it has jurisdiction to bring Justin Sun to court as he traveled extensively to the US. Sun asked to dismiss the suit, arguing that the SEC was targeting actions taken outside the US.
XRP fails to break past $0.50, posting 20% weekly losses
XRP trades range-bound below $0.50 for a sixth consecutive day, accumulating 20% losses in the last seven days. Ripple is expected to file its response to the SEC’s remedies-related opening brief by April 22.
ImmutableX extends recovery despite $69 million IMX token unlock
ImmutableX unlocked 34.19 million IMX tokens worth over $69 million early on Friday. IMX circulating supply increased over 2% following the unlock. The Layer 2 blockchain token’s price added nearly 3% to its value on April 19.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?