Ethereum Price Forecast: ETH targets $2,045 first
- Ethereum price is surfing on the recovery wave.
- After the dip, ETH is in consolidation and looks ready for the break higher
- With the only pivot in the way, the triple top around $2,045 is set as the next price target.
Ethereum price looks very bullish this morning with the next price target at $2,045.
Ethereum price in consolidation mode and looking to the upside
Looking at an hourly chart of the Ethereum price action against the dollar, it has been a crazy 48 hours this week with a very nice recovery from the lows. But this rally has some more room to go.
ETH enter this morning in a phase of consolidation. If we look at both trend lines converging toward each other, we can see that the ascending trend line has had more tests, and buyers came in quicker to support Ethereum price. The appetite and interest are there from buyers.
We are also in a fascinating area. Intraday, we only have a pivot on the way up toward the price target of $2,045 where we have a triple top that remained well-respected yesterday and this morning. But it deserves at least a retest.
ETH/USD hourly chart
The consolidation in Ethereum price is a good entry point for a long toward that triple top. Be aware that if the ascending trend line breaks to the downside, this could justify a dip toward levels from the beginning of the week.
Author
FXStreet Team
FXStreet
