Today, Ethereum (ETH) reached a new yearly high of $2,825, breaking out of the horizontal area..
Let's figure out whether the ETH bulls have enough fire to continue the rally.
Ethereum is trading at the top of a long-term range
Technical analysis of the weekly timeframe shows that the price of Ethereum has been rising since June 2022. After several unsuccessful attempts, the asset regained the lower limit of the long-term range. In January 2024, ETH broke through the upper part and reached $2,717, but was then pushed back to the middle of the horizontal area. However, this week the altcoin made another breakout attempt.
ETH/USDT weekly chart. Source: TradingView
Weekly relative strength index supports continued growth. The RSI just crossed 70, which is considered a bullish sign.
What analysts say
Well-known traders and analysts on Twitter have a positive assessment of the future trend of Ethereum. @Zsuraid_Nezrok suggests that the asset price will soon reach $3,000. @VellaCrypto has an even more impressive target of $3,400.
ETH/USDT daily chart. Source: D
@Noblecoins believes that altcoins will rise significantly following ETH.
ETH price forecast: are there any chances of growth to $4,000
A closer look at Ethereum's movement using horizontal levels and price patterns confirms the continuation of the rally.
First, ETH broke out of the $2,500 horizontal area that has acted as resistance and support since May 2021. Although the price has not yet closed the week above this level, the chances of this are very high.
In addition, Ethereum has rebounded from the middle of an ascending parallel channel that has existed since June 2022. The pattern's resistance line coincides with the $3,600 horizontal area, which could be a likely peak.
Weekly chart ETH/USDT. Source: TradingView
Despite the bullish outlook, a close below $2,500 would result in a 35% drop to the channel support line at $1,800.
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