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Author Topic: Ethereum Price Consolidates Below 8 Month Trend, Is $4000 Incoming?
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Offline RSRS

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ETH price has risen nearly 100% over the last month
ETH Price has been forming an ascending channel
The 20MA has been holding as support for over 3 weeks
Is $4000 ETH Price Incoming?
Ethereum (ETH) price has shown immense strength after it successfully launched its “London” upgrade earlier this month. One of the advancements with this upgrade is that now ETH is burned from each transaction, essentially bringing ETH closer to a deflationary asset. At the time of writing, over 71,000 ETH has been burned since this upgrade. Investors took a bullish stance towards this & since the upgrade took place, ETH has been in a strong uptrend. As long as BTC stays steady, ETH will likely hit mid $3000s soon.

While looking at the last 10 days of trading, we can see how ETH has formed an ascending channel (potential bull flag). Bulls have been consolidating below a near 9 month trend line which was holding the price of ETH until mid June. Ethereum must regain this trend to experience a large rally.

In addition to this trend lies a major resistance zone from $3135-$3323. Bulls must barrel through these two marks for ETH to have a clear sky to its given targets. In the likely case that ETH breaks above this marks, expect price to rise to $3565 & potentially $4092.

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