As the crypto market approaches the $2.20T market, Bitcoin eyes $64K, and Ethereum shows a bull run gaining momentum this week. Following the 7.53% run last week and a 5.8% jump a week before, the Ethereum price surpasses the $2,500 psychological mark.
Will the recovery rally in Ethereum surpass critical levels to reach $3,000 before October? Read our Ethereum price analysis now to learn more.
Ethereum Price Analysis
In the daily chart, the Ethereum price action reveals a falling wedge pattern breakout gaining momentum over the past seven days. The ETH price has managed to score six bullish candles, accounting for a price jump of 15.67%.
As the uptrend surpasses the 23.60% Fibonacci level and the 50-day EMA, Ethereum’s price currently trades at $2,654. With an intraday gain of 2.91%, the biggest altcoin sustains dominance above the 23.60% Fibonacci level.
As the bullish trend gains momentum, the uptrend is likely to challenge the 200-day EMA near the 38.20% Fibonacci level at $2,860.
In the weekly chart, the Ethereum price action shows a pullback phase, taking a reversal from the 200-week EMA. With low price action from the dynamic support, the bullish reversal tests the 50-week EMA.
https://www.tradingview.com/x/ycOooxQ5
Further, with a V-shaped reversal, the uptrend in the Ethereum price nearly challenges the 50% Fibonacci level in the weekly chart at $2,850.
Technical Indicators:
EMA: The uptick in the 50D increases the likelihood of a golden crossover with the 200D EMA.
RSI: The RSI line in the daily chart is close to approaching the overbought boundary line as it surpasses the 50% level. Meanwhile, the RSI line in the weekly chart takes a bullish reversal before hitting the oversold boundary from the 37.84 level.
Will ETH Price Cross $3,000?
With the turnaround rally from the 200W EMA, Ethereum surpasses crucial resistances in the daily chart. Based on the Fibonacci levels, the Ethereum price reversal approaches the 38.20% Fibonacci level at $2,860.
Furthermore, the uptrend in the ETH price is likely to target the $3,091 and $3,321 mark. Conversely, ETH’s support levels are at $2,500 and $2,100.
Wondering if the bull run in Ethereum price will surpass $4,000 in 2024? Find out now in Coinpedia’s well-rounded ETH price prediction!
