Jonathan Morgan
Independent Analyst
- Ethereum price shakes off multiple bearish divergence warnings.
- An incoming explosive move will likely rally the entirety of the altcoin market – even the laggards.
- Little resistance ahead to stop Ethereum price from breaking the current all-time high.
Ethereum price has finally displayed some clear and bullish strength. The past couple of weeks have been indecisive and almost warned of an impending bull trap – but sellers ultimately were unable or unwilling to do anything. So now the buy-side is in explicit control.
Ethereum price pushes on towards $4,000 and then to new all-time highs
Ethereum price on the $100/3-box reversal Point and Figure chart is very close to completing a double-top at the $3,900 value area. If that occurs, the entry on the Point and Figure chart is the next box above the double-top at $4,000. The market could see a massive rally higher towards the $8,100 value area from that entry point.
$8,100 is a price zone shard by the 161.8% Fibonacci expansion level, and the projected target zone utilizing the vertical profit-taking method in Point and Figure analysis. $4,200 is the 61.8% Fibonacci expansion and may act as a short profit-taking region, but not a solid resistance zone. The combinations of the Fibonacci expansion, vertical profit target, and psychological number provide a strong case for resistance and the new all-time high to occur at $8,000.
ETH/USD $100/3-box reversal Point and Figure Chart.
As Ethereum approaches the bullish entry level at $4,000, bulls will want to monitor any persistent selling pressure. If buyers cannot close Ethereum price at the $4,000 level, then a drop lower to create a double bottom at $2,800 is very probable. The bearish scenario would invalidate any upside trade ideas and likey confirm a strong bear market.
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