- 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. 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
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
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.