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Ethereum price teases with a breakout, eyes $3,200 milestone as ETH bulls show resolve

  • Ethereum price is confronting the upper boundary of the ascending parallel channel after multiple attempted breakouts.
  • ETH could make a 6% climb to $3,200 as bulls continue to show up.
  • The bullish thesis will be invalidated if the PoS’s token breaks and closes below $2,572.

Ethereum (ETH) price consolidation within the ascending parallel channel has lasted since October, with the Proof-of-Stake (PoS) token making multiple attempts to breakout. As it stands, Ethereum continues to outperform Bitcoin (BTC) with double the gains.

Also Read: Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Possible start of a trend reversal for BTC

Ethereum price eyes $3,200

Ethereum (ETH) price is up almost 3% in the last 24 hours to trade for $3,015 as of publishing time. The PoS token broke out above the ascending parallel channel, with prospects for more gains as the ETH bulls continue to show up.

The Relative Strength Index (RSI) is teasing with a buy signal, pending execution when the RSI crosses above the signal line (yellow band). The Moving Average Convergence Divergence (MACD) indicator is also above its signal line (orange band), with histogram bars flashing green in positive territory.

Enhanced buyer momentum could see the Ethereum price shatter the $3, blockade, clearing this range high with a possible extension to the forecasted target, $3,200, standing 6% above current levels.

In a highly bullish case, Ethereum price could extend a neck high to the $3,500 milestone, last tested on April 5, 2022.

ETH/USDT 1-day chart

On the flip side, a rejection from the upper boundary of the channel could see ETH price plummet, squatting below the immediate support at $2,905.

An extended fall could see Ethereum price slip below the midline of the channel, with the possibility of retesting the midline of the market range, the 50% Fibonacci retracement level at $2,572. A break and close below this level would invalidate the bullish thesis.

(This article was corrected on February 25 at 14:05 GMT to say, in the second bullet point, that Ethereum could make a 6% climb to $3,200, not $32,000.)

Author

Lockridge Okoth

Lockridge is a believer in the transformative power of crypto and the blockchain industry.

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