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In this analysis, I will review the most popular altcoin in the market, Ethereum. As the second-largest cryptocurrency, Ethereum not only enjoys immense popularity but also has widespread applications, particularly in DeFi. If you've been following our updates, you're likely aware of the potential and profits that DeFi offers.
📅 Weekly Timeframe: Trendline Reaction and Continued Uptrend
In the weekly timeframe, a long-standing ascending trendline has supported Ethereum's price four times over the past two years.
🎲 Recently, the SMA99 has aligned with this ascending trendline. Along with the critical $2,199 support, it forms a powerful PRZ (Potential Reversal Zone). Additionally, the RSI found strong support at 38.52, preventing further price drops and resulting in several green candles. Given the significant buying volume, this upward movement seems poised to continue.
🔴 The next resistance for Ethereum is at $3,882. If this level is breached, the only remaining obstacle is the ATH at $4,685.
📈 In the event of an ATH breakout, the Fibonacci targets are 10K to
12K
, a highly significant range that could become realistic during an altcoin season. However, this doesn't guarantee that the price will hit these levels or stop there. Always wait for trend confirmation. Exit early if the price reverses at lower resistances, and stay invested if the trend remains strong at higher levels.
🔽 Currently, the bullish momentum appears strong, making a decline less likely. However, if the price closes below the trendline and SMA99, and breaks the $2,199 trigger, the bullish scenario will temporarily be invalidated. The next key supports would be at $1,523 and $1,023.
📅 Daily Timeframe: Second Leg of the Uptrend After Box Breakout
In this timeframe, near the ascending trendline, a clear accumulation box accompanied by a positive RSI divergence can be observed. After breaking the SMA99 and the box, the price experienced a solid rally and reached the $3,367 resistance.
🔑 Today, the price has managed to stay above this level so far, but confirmation will depend on the daily candle close.
📊 The candlestick volumes look strong, with no signs of weakening. If the RSI enters the Overbought zone, we can expect a price pump.
📉 Upcoming resistances are at $3,712 and $4,086, with the primary resistance being the ATH at $4,828. Although far from the current price, the strong upward momentum could lead Ethereum to this level soon.
✨ If the price fails to confirm above $3,367 and a correction begins, the key supports to watch are $3,054 and $2,743. However, given the current bullish momentum, any correction might be limited to $3,054. A deeper correction would reset market excitement and reduce bullish momentum.
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