Ethereum seems to be digesting the Shanghai update well. Not only does it validate the crossing of the descending line of the bear run and $1700. But even better, it is above $2000, a level that has not been seen since August 2022. Appearing on the weekly chart, the upward trend reversal would be in progress. With prices navigating in a bullish channel and a MACD which is beyond its waterline.
Nevertheless, doubt remains. Because these favorable signals took place in the hope that the FED would change gear on its monetary policy. A backlash or an impromptu event could throw the Prince of Cryptos’ year-to-date rebound into question. But at this point, everything is fine.
In the event that Ethereum settles concretely above $2000, it could in the future return to contact with $2500. Exiting the bullish channel from above at this time would seem excessive to us. So, wouldn’t it be worth going through a consolidation in the right order inside the chartist pattern? In this sense, a throwback or return to the $1700 support would give more credit for a definitive neutralization of the bear market since the last all-time high in November 2021.
On the other hand, the areas where the uptrend runs out of steam would be the breakout of $1700, which itself would coincide with that of the bullish channel, then $1400. Below this last support, the bears would take matters into their own hands.
© AbcBourse.com. All rights reserved
Did you like this article ? Share it with your friends with the buttons below.
