- Ethereum price sees bulls calling out the bottom for this year.
- ETH performs a perfect technical trade setup that could see ETH jumping to $1,500.
- Expect to see possibly the best week for cryptocurrencies as the crypto winter fades and the real winter outdoors kicks off.
Ethereum (ETH) is booking over 1% of gains this morning, which as such is not that uncommon. What is rather important is that Ethereum price is moving away from the bottom of 2022, and bulls are in the driving seat.It seems set to book the best possible rally for 2022. With ETH soon to break the high of mid-November, expect to see price action rip through the caps and resistances toward $1,500 by the end of this week, bearing 15% gains.
ETH bulls are ready for that 15% profit
Ethereum price is jumping higher since Sunday as a perfect technical scenario looks to be underway. That scenario comes in the form of ETH breaking above that pivotal level at $1,243 last week, trading sideways for a bit, and on Saturday testing the level for support. The support held overnight through Sunday morning where a bounce got triggered and price action jumped higher, flirting now with the 55-day Simple Moving Average (SMA) and the monthly high of mid-November.
ETH is thus set to continue its path as the faith and trust in cryptocurrencies is recovering from the last few blows after stablecoin Luna, FTX and SBF. Once that mentioned high for mid-November is broken, near $1,346, expect to see a quick rally higher toward the 200-day SMA near $1,463. From there it is only a few percentage points to get to that $1,500 barrier, which will be crucial from a psychological point of view.
ETH/USD daily chart
Risk to the downside comes with the US Dollar that is strengthening this morning. Already in the European trading session it slid over 50 pips lower against the Euro and could strengthen further. The Greenback would put downward pressures on ETH and push it back against that Low of February 1, 2021, at $1,243. Once that breaks, there is a big systemic risk that it falls back to $1,073.
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
Coinbase lists WIF perpetual futures contract as it unveils plans for Aevo, Ethena, and Etherfi
Dogwifhat perpetual futures began trading on Coinbase International Exchange and Coinbase Advanced on Thursday. However, the futures contract failed to trigger a rally for the popular meme coin.
Stripe looks to bring back crypto payments as stablecoin market cap hits all-time high
Stripe announced on Thursday that it would add support for USDC stablecoin, as the stablecoin market exploded in March, according to reports by Cryptocompare.
Ethereum cancels rally expectations as Consensys sues SEC over ETH security status
Ethereum (ETH) appears to have returned to its consolidating move on Thursday, canceling rally expectations. This comes after Consensys filed a lawsuit against the Securities & Exchange Commission (SEC) and insider sources informing Reuters of the unlikelihood of a spot ETH ETF approval in May.
FBI cautions against non-KYC Bitcoin and crypto money transmitting services as SEC goes after MetaMask
US Federal Bureau of Investigations (FBI) has issued a caution to Bitcoiners and cryptocurrency market enthusiasts, coming on the same day as when the US Securities and Exchange Commission (SEC) is on the receiving end of a lawsuit, with a new player adding to the list of parties calling for the regulator to restrain its hand.
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?