Ethereum

ETH Price May Surge Above $3.5k In Next 48 Hours! Ethereum Breakout of Accumulation!

Written by: Nidhi Kolhapur

Written by right arrow

Nidhi Kolhapur

Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

  • author facebook
  • author twitter
  • linkedin

Feb 10, 2022

news-image

ETH/USD is trending north, with all digital assets in the crypto market registering massive gains following what appears to be a successful daily trading session. Furthermore, Ethereum’s bullish action was recorded above the $3000 barrier level, reaching a daily high of $3274.

The Ethereum price is seen breaking above the 9-day and 21-day moving averages as the coin moves to touch the daily high of $3274 level, owing to a strong upside movement of the coin in recent days. The coin’s price is currently changing hands at $3248 and bulls are attempting to push it beyond the channel’s top barrier.

If there is another increase, the price might face resistance near $3,250. The next key resistance is near the $3,350 and $3,420.

On the downside, the $3000 support level appears to be a significant support level for the coin, and if it is breached, the sell-off might extend to the $2800 support level. Any reversal below the moving averages will almost certainly welcome the bears back into the market, as the price will likely test the important supports of $2500, $2300, and $2100. 

Furthermore, the Relative Strength Index (14) is going above 60, indicating that the bullish trend will continue, with further resistance at $3800, $4000, and $4200. 

Here’s What Next For Ethereum(ETH) Price?

After nearly a year of sideways reaccumulation, crypto expert Benjamin Cowen believes Ethereum (ETH) is poised for a huge breakout.

Cowen claims that the price range between $2,000 and $4,000 is one major reaccumulation zone for Ethereum on its route to higher prices in a fresh strategy session.

He says that there appears to be a significant chance that Ethereum will finally break out of its protracted reaccumulation zone, which is essentially between $2,000 and $4,000. In his perspective, the reaccumulation zone is between $2,000 and $4,000.

When we break out of that and go higher, things might get a little weird. If we go higher, there’s no guarantee that we’ll ever return to these prices.

Cowen analyzes that If we break out of this downtrend by the summer and return to former all-time highs, and then Ethereum breaks out and we start moving upward, we might go up to the $7,000-$8,000 level, where we’ll have to go sideways for a half-year.

Then, if it breaks out into any sort of ultimate market cycle peak, perhaps this downturn will terminate somewhere below a prospective accumulation range. This is just if it happens again as the last time.

Show More

Was this writing helpful?

dislikeimage No myImage Yes

Nidhi Kolhapur

Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

Related Articles

Back to top button