Ethereum’s breakout above $3,141 confirms a bullish macro trend, with $6,186 as the next key resistance.
RSI momentum supports the upward move, indicating further room for price growth.
The 1.618 Fibonacci extension positions $6,000 as a significant target for traders.
ETH has recently popped up on the macro trading chart where it shows a clear and quite large buy signal that has everyone interested. This development suggests that huge price movement in the next few months is possible, with $6000 as the focal price level.
A Macro Buy Signal Emerges with RSI
The macro chart shows Ethereum exiting a long-term consolidation channel marked by higher reaction lows and resistance in the area of previous price highs. Signs of continuation of a strong bullish trend following a support level by technical indicators and Fibonacci measurement.
Most importantly, when we take a look at the chart for instance we identify a breakout above the $3,141; the area that relates to the 0.618 fib level. This recent stage suggests a change of trend that may take Ethereum to other levels. This is based on the 1.618 Fibonacci extension, and as $ETH strength increases traders are now fixated on the $6,000 level as the next key resistance level.
https://twitter.com/MikybullCrypto/status/1862807583473504487
Speaking of additional support to the above-said bullish bias, currently, on the weekly timeframe, there is the Relative Strength Index (RSI) above 60. According to this reading, there is a developing buy signal but it is not oversold yet hence there will still be room for more gains.
Key Levels and Market Implications
If sanitaing below $3,141, Ethereaum needs to hold it as it is acting as a short-term support level on the chart. Above this zone, the breakout would be reinforced and there would be strong bullish support. However, the focus is on $6186, or the 1.618 Fibonacci level, to indicate the next big resists. This zone constitutes a major psychological and technical line that may define the potential for further token’s growth.
Ethereum’s macro chart has more bullish formation signs as there is a breakout that may lead to a future high volatility and price surge. It is realistic to set $6 000 for the average trader, though, one should remain as cautious as possible to avoid suffering from fluctuations on the stock market.
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