- Ethereum price action shows a strong continuation from yesterday's bullish action.
- ETH price still has some room to go higher intraday towards $2,830, despite a few bearish elements forming a cap.
- Expect possibly more upside to come tomorrow if peace talks and cease-fires remain standing.
Ethereum price action is on a tear today as all major cryptocurrencies are surfing on the tailwind coming from positive signals on Ukraine – with peace talks continuing and cease-fires holding for now. With this window of opportunity, bulls are falling over one another to get in long and are hitting every offer to get long ETH. Expect to see intraday price action hit $2,830 and possibly preposition for $3,000 tomorrow if this positive rhetoric persists.
Ethereum price set for big profits
Ethereum price made this morning a record move in the ASIA PAC session on much higher buy-volume got processed in its price action as bulls hit every offer within reach. Bears already saw the deal coming as headline news remained subdued, and no new elements were added to the negative situation in Ukraine. As the situation stabilises, markets are getting accustomed to the current stance, and that offers a good window of opportunity for bulls to squeeze out some bears and short-sellers that have been sitting too long on their positions.
ETH price is expected today to see a bullish continuation as this tailwind will be handed over to the US session and will trigger the third round of bulls buying into price action. This should help ETH bulls hit $2,830 with the monthly pivot and the 55-day Simple Moving Average (SMA) as double cap preventing more upside. Expect tomorrow's price target to be set at $3,018, with a break above $3,000 setting another 7% of gains intraday insight.
ETH/USD daily chart
Of course, these relief sparks are hanging by a thread against any negative headlines that could come out of Ukraine. Rumours of the cease-fires not holding up could be enough to see ETH price drop back to the opening price at $2,577 and possibly take a turn for the worse and start to form a red bearish candle dangling to drop to $2,400. That would mean a possible loss of around 7%.
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