Ethereum price has bottomed in a very comprehensive manner, where-in the further movements are pretty clear
The current pullback replicates 2017 ones and hence if a similar bounce occurs, then the price could propel more than 800%
Ethereum price which bounced well from the support levels at $2027 has successfully surpassed the initial resistance at $2146. The prediction went well that said, with a successful retest, the price could eventually move towards the next levels above $2200. Yet the ETH price needs to sustain strong above these levels in order to validate the bull run.
The price rally has showcased a similar movement as in 2017. During that time, the price rallied nearly 6620% in the first half of 2017. And underwent a short-lived dip of about 68% further. Yet the rally remained low-key without huge jumps until the current one which recorded a 4260% surge. And again, the price fell nearly 60%.
If the similarities pointed out by the analyst holds true, then yet another 800% move may be fast approaching for the asset. Moreover, the bull run could extend for nearly 6 months, validating the prediction for an ETH price of $10,000 by the end of 2021.
Ethereum Price Analysis, Will ETH Price Hit $3000 This Weekend?
Ethereum price believes in a slow yet steady rally and hence does not showcase steep price movements like any other assets. No doubt it experiences certain pullbacks, yet they remain short-lived and does not impact much on the rally.
These corrections are rather healthy as they infuse immense boost within the rally which is much required to smash the upper resistance levels. The ETH price also braced the resistance levels at $2146 and marched above $2200 successfully.
Interestingly, the price is on the verge to test the next resistance levels at $2243 which appears to be imminent. If the price keeps on testing the higher highs for another couple of days, then $3000 could also be an achievable target.
- The resistance levels are at $2279
- The support levels are at $2027
- Indicators points are currently neutral
- The Ethereum price at the press time is $2220 with a jump of 8.09%