- Ethereum price ascended nine days in a row.
- ETH is likely to take out the November high, 7% above the current market value.
- Based on historical evidence, ETH could decline by 25% and then rally toward all-time highs.
Ethereum price continues to display robust strength in the market. Although disbelief may still linger amongst traders, ETH has the potential to rally considerably based on the technical factors mentioned below.
Ethereum price shows strength
Ethereum price has shown considerable market vitality as the decentralized smart-contract token has produced nine consecutive green daily candles. The newfound uptrend restored 25% of lost market value into the hands of investors since ETH’s last pause at $1,240 occurred.
Ethereum price currently auctions at $1,580, just 7% below November’s monthly high of $1,680. As the bulls prepare for the breach, there are a few factors to keep in mind about the current uptrend.
The 8-day exponential moving average (EMA), an indicator used to gauge short-term market behavior, has been impulsively climbing north, moving just below the current auction’s price. The pacing indicator suggests underlying support for the ETH token.
The Relative Strength Index (RSI), an indicator used to gauge market participants' underlying power, shows the ETH price in extremely overbought conditions near the 90 level. The last time Ethereum reached 90 on the RSI was in January 2021 when ETH briefly tagged $1,300, establishing a new all-time high. Following the new all-time high, a shallow pullback into a 21-day simple moving average 25% below at $950 took place. Ethereum would then embark on the unprecedented 3X bull run into $4,000 price zone weeks later.
ETH/USDT 1-day chart
If history repeats itself, ETH could be on its way toward new all-time highs, but traders should be on the lookout for a buyable dip in the coming weeks. A tag of the 21-day simple moving average at the current time would result in a 15% decline into the $1,330 price zone.
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
Bitcoin price could retrace to $42,000 if US Nonfarm Payroll comes in at 180,000
Bitcoin price just like other assets, is highly impacted by the macro-financial developments. This includes the Nonfarm Payrolls (NFP) report released by the BLS of the United States. This time around, the NFP data is expected to cause a dip in the value of BTC.
Ripple is now only 3% away from becoming a bigger entity than Binance Coin
Ripple has overcome a lot of obstacles on its way to becoming the world’s fifth-largest cryptocurrency, as witnessed by the recent rise in XRP price. The native token of the world’s biggest crypto exchange, Binance Coin, on the other hand, has been moving in the opposite direction.
Ethereum leads altcoins north as Bitcoin halts amid bull trap fears
Ethereum (ETH) price remains northbound, unrelenting despite the king of cryptocurrency, Bitcoin, showing weakness. Behavior analytics tool Santiment observes that Ether and altcoins are on a tear even as BTC momentum fades.
BTC headstrong as Spot ETF talks reach technical stage
Bitcoin remains steadfast on the higher timeframe, amid news that spot BTC exchange-traded funds (ETF) discussions are now at the technical stage of approval. Specifically, talks with Spot BTC ETF issuers have advanced to key technical details, with Reuters indicating that it could signal a shift toward a potential approval.
Analyzing potential $30k corrections ahead of BTC ETF approval
Bitcoin has slowed down its 2023 bull rally as it approaches the $37,000 level. After three weeks of consolidating around this level, BTC shows no directional bias whatsoever. Some investors speculate this could be an upward-sloping accumulation that leads to a $40,000 rally.