- Ethereum price sees bulls calling out the bottom for this year.
- ETH performs a perfect technical trade setup that could see ETH jumping to $1,500.
- Expect to see possibly the best week for cryptocurrencies as the crypto winter fades and the real winter outdoors kicks off.
Ethereum (ETH) is booking over 1% of gains this morning, which as such is not that uncommon. What is rather important is that Ethereum price is moving away from the bottom of 2022, and bulls are in the driving seat.It seems set to book the best possible rally for 2022. With ETH soon to break the high of mid-November, expect to see price action rip through the caps and resistances toward $1,500 by the end of this week, bearing 15% gains.
ETH bulls are ready for that 15% profit
Ethereum price is jumping higher since Sunday as a perfect technical scenario looks to be underway. That scenario comes in the form of ETH breaking above that pivotal level at $1,243 last week, trading sideways for a bit, and on Saturday testing the level for support. The support held overnight through Sunday morning where a bounce got triggered and price action jumped higher, flirting now with the 55-day Simple Moving Average (SMA) and the monthly high of mid-November.
ETH is thus set to continue its path as the faith and trust in cryptocurrencies is recovering from the last few blows after stablecoin Luna, FTX and SBF. Once that mentioned high for mid-November is broken, near $1,346, expect to see a quick rally higher toward the 200-day SMA near $1,463. From there it is only a few percentage points to get to that $1,500 barrier, which will be crucial from a psychological point of view.
ETH/USD daily chart
Risk to the downside comes with the US Dollar that is strengthening this morning. Already in the European trading session it slid over 50 pips lower against the Euro and could strengthen further. The Greenback would put downward pressures on ETH and push it back against that Low of February 1, 2021, at $1,243. Once that breaks, there is a big systemic risk that it falls back to $1,073.
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 nosedives below $95,000 as spot ETFs record highest daily outflow since launch
Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction
Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs
The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.