Ethereum (ETH) price has surged this week, signaling a robust bullish trend as it bounces from a crucial support level and nears significant resistance. ETH trades above $2,500, maintaining an upward momentum despite minor market corrections in recent hours. This recovery follows broader positive market sentiment, bolstering ETH’s position. With analysts forecasting a potential rally, some anticipate Ethereum could reach $18,000, suggesting ETH may lead the market again.
Analyst Forecasts Ethereum Price Will Lead Rally and Hit $18,000
Crypto analyst shared an X post hinting at Ethereum’s upcoming price breakout. In his analysis, he emphasized that those who doubt ETH lack patience and fail to grasp the significance of timing and market cycles. He predicts a strong rally by comparing ETH’s price movement with past trends.
The chart shows ETH steadily forming an ascending triangle, similar to previous cycles. The pattern suggests that ETH could soon resume its upward trajectory, potentially leading the next market rally. Analyst encourages holders to remain patient, suggesting that Ethereum’s current pattern mirrors previous bull cycles, signaling a promising outlook.
Source- X
ETH Price Analysis: Bullish Momentum Faces Correction
After a week of bullish momentum, the ETH price has faced a notable correction, trading around $2,536 with a 5% drop over the last day. The recent chart shows Ethereum struggling to hold the $2,600 level, dipping into a lower trading range as bearish sentiment intensifies.
Ethereum is approaching a critical point as it edges close to breaking the $2,600 resistance mark. If Ethereum price prediction successfully breaches this level, it could trigger a bullish trend, lifting its price near $3,000. Such a rally might establish the momentum needed to challenge the $3,500 mark in the short term.
The Moving Average Convergence Divergence (MACD) for Ethereum on the 4-hour chart displays bearish signals. With the MACD line crossing below the signal line, negative momentum has intensified, reflecting increased selling pressure.
Ethereum Price Chart: TradingView
The whale activity in the stablecoin market is showing notable movement, as highlighted in recent market data. The chart illustrates a correlation between Ethereum price fluctuations and the percentage of stablecoin supply held by large wallets, each exceeding $5 million in value.
As whale holdings of stablecoins increase, a potential influence on ETH’s price action becomes more apparent. With stablecoin holdings among whales reaching around 60%, ETH’s price has shown marked reactions, though volatility remains.
Source- Santiment
This pattern suggests that significant shifts in whale-held stablecoin supply could continue impacting ETH’s price, underscoring the influence of large investors in the cryptocurrency market.
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