After breaking out of the symmetrical triangle, the price of Ethereum indicates a bullish future. ETH must overcome several obstacles before reaching important levels, despite its optimism.
ETH price analysis
Between January 24 and March 27, the price of Ethereum formed a symmetrical triangle pattern. Three lower highs and four higher lows are connected with trend lines in this technical setup.
Theoretical forecasting tools predict that this technical pattern could result in a 34 percent move, as measured by the distance between the triangle’s initial pivot points. The target is $3,818 when this distance is added to the breakout point of $2,837.
ETH made a daily candlestick close of over $2,837 on March 27, signaling a breakout. Since then, the smart contract token has risen by 22%, but the bulls have run out of steam. As a result, ETH is down 7% and is now hovering around the $3,077-$3,197 demand zone.
Another upside is likely to follow a bounce off this barrier, but this time, ETH will retest the 200-day simple moving average (SMA) around $3,489.
Because this barrier is so high, a successful reversal could be the catalyst for a rally to $3,833, the expected target of the symmetrical triangle. This advance could reach the psychological barrier of $4,000 in a very bullish scenario, taking the overall advance to 25%.
Analysts predict up to 5 digits for the price of ETH
Arthur Hayes, the former CEO of BitMEX, made an Ethereum prediction. Hayes makes a positive case for the second largest cryptocurrency in terms of market capitalization in an article titled “Five Ducking Digits.”
As a result of the war between Russia and the Ukraine, Hayes feels that the current financial system has entered a new phase. As a result, the international community imposed sanctions on the first country.
Russia’s banking system has been hacked, its social elite has been punished, and its gold reserves have been seized. Hayes argued in his thesis that the Russia led by Vladimir Putin and other superpowers will work to dethrone the dollar as the world’s reserve currency.
As a result, gold and Bitcoin prices will rise as people seek safe havens and neutral monetary systems. Hayes’ most recent article is based on the idea that the global financial crisis will benefit cryptocurrencies.
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