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.)
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.