- Ethereum price has made a higher high.
- ETH price could print an N-shaped pattern in the near future.
- A break below $2,870 will invalidate the bullish thesis.
Ethereum price needs to maintain momentum
Ethereum price has seen an excellent performance this week as the decentralized giant has climbed 12% into today's high at $3,193. It was mentioned in Tuesday's thesis that a breach of the weekly trendline could be the catalyst to send ETH price higher. Just hours later, the moment arrived. ETH price soared through the trend line spiking the previous weekly swing high at $2,987. Today the price has also spiked through another weekly swing high that occurred earlier this month at $3,043.
ETH price is currently fluctuating around $3,100 and needs to create a new floor above the broken resistance at $3000 to sustain its momentum. If bulls can manage, then ETH price will likely reach $3,500, an additional 13% from the current price.
It is worth noting that an N-shaped pattern projection could potentially reveal itself once the Ethereum price were to enter the $3,500 zone. N-shaped patterns are considered very sneaky bearish patterns amongst Elliott Wave practitioners. N patterns tend to trap bulls as the last of the N usually unfolds as a bullish impulse. Traders should cautiously trail stops as these N-shaped patterns can yield monstrous downside rallies.
ETH/USDT 2-Day Chart
Still, the N-shaped pattern is more speculative than tangible evidence at the moment. Traders currently in profit should watch the Ethereum price action around the $3,000-$2,870 zone. If the bulls fail to provide support, the ETH price will likely fall back to $2,800 and potentially $2,700, resulting in a 10% correction from the current price.
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 Weekly Forecast: BTC remains calm before a storm
Bitcoin price has been consolidating between $85,000 and $88,000 this week, approaching the lower boundary of the consolidation range when writing on Friday. A K33 Research report explains how the markets are relatively calm and shaping up for volatility as investors absorb the tariff announcements.
Donald Trump’s tariff policies set to increase market uncertainty and risk-off sentiment
US President Donald Trump’s tariff policies are expected to escalate market uncertainty and risk-off sentiment, with the Kobeissi Letter’s post on X this week cautioning that while markets may view the April 2 tariffs as the "end of uncertainty," it anticipates increased volatility.
Ethereum Price Forecast: Whales increase buying pressure as developers set April 30 for Pectra mainnet upgrade
Ethereum developers tentatively scheduled the Pectra mainnet upgrade for April 30 in the latest ACDC call. Whales have stepped up their buying pressure in hopes of a price uptick upon Pectra going live on mainnet.
BTC stabilizes while ETH and XRP show weakness
Bitcoin price stabilizes at around $87,000 on Friday, as its RSI indicates indecisiveness among traders. However, Ethereum and Ripple show signs of weakness as they face resistance around their key levels and face a pullback this week.
Bitcoin: BTC remains calm before a storm
Bitcoin (BTC) price has been consolidating between $85,000 and $88,000 this week, approaching the lower boundary of the consolidation range when writing on Friday.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.