As a seasoned crypto investor with over a decade of experience navigating the volatile digital asset market, I have learned to take every price prediction with a grain of salt. However, the recent analysis by RLinda on Ethereum’s one-week chart has piqued my interest.
Over the past few weeks, Ethereum has faced significant challenges due to the bearish trend prevalent in the cryptocurrency market. This has led to several drops in ETH‘s value, pushing it close to $2,000 again, a level that was expected to be surpassed for a new all-time high in Q3. Yet, some crypto analysts predict that this dip might be temporary and Ethereum could soon experience another uptrend, potentially reaching its previous peak levels.
Ethereum Looking Promising On 1-Week Chart
Crypto expert RLinda recently shared an optimistic evaluation about Ethereum’s price on the TradingView platform. Her analysis primarily concentrates on the one-week Ethereum price chart, which has demonstrated resilient bullish tendencies even amidst the market crash. This bullishness aligns with a steady accumulation of ETH at the lower $2,000 range as prices begin to rebound.
The cryptocurrency expert notes that there’s a resurgence of buying in Ethereum after its fall, indicating optimism from investors even though its current price is still relatively low. Regarding the graph, the analyst emphasizes that “an extremely hopeful technical setup is emerging on the weekly scale.”
Linda suggests that under certain favorable circumstances, Ethereum’s price might revert to its worldwide horizontal trading zone. If that happens, this cryptocurrency analyst thinks Ethereum might have a solid reason to surge towards the $4,000 to $4,800 price range.
Despite the current turbulence, the crypto analyst continues to believe that Ethereum’s outlook remains positive. In essence, the recent sell-off followed by strong buying activity suggests that the market is now clearing out speculative traders, allowing the trend to continue on a more stable and corrective path. However, it’s crucial to reach the critical milestone before any significant movement occurs. RLinda explained this point.
Key Levels To Watch
A rising Ethereum price is beneficial for the cryptocurrency. Yet, it’s crucial to keep an eye on significant thresholds, which play a vital role in helping the cryptocurrency reach its objective. These critical points are both support and resistance levels throughout the journey.
In this instance, RLinda gives a good deal of focus to the price range between $2,717 and $2,817 as potential resistance points. These particular zones are crucial as they represent the strongest resistance during this bullish trend. If ETH can surpass these resistances and establish support, it could offer a promising liquidity goal beyond $4,000, as suggested by the analyst. Key resistance levels to keep an eye on are at $2,717 and $2,817, while important support levels include $2,518, $2,425, and $2,400.
As a researcher studying cryptocurrency market trends, I’ve observed that the recent Ethereum buyback by whales indicates a continued bullish sentiment among major players. Following Friday’s price test and subsequent pullback, the market has returned to a level that increases the likelihood of a breakout. This is my closing analysis as a crypto analyst.
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2024-08-12 23:10