Ethereum has seen a good price correction and can be traded for a short-term target of $3000.
Price is trading in a Channel Down pattern. With emerging patterns, traders who believe the price is likely to remain within its channel can initiate trades when the price fluctuates within its channel trendlines.
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ETH Price Target
Current Price: $2,410
Market Cap: $290.14 billion
24h Trading Volume: $6.32 billion
Total Supply: 120.34 million ETH
Circulating Supply: 120.34 million ETH.
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Price is in a Downtrend, however, it had a bullish breakout from Channel Down pattern, which could signal at least a temporary bullish trend reversal with upside potential to $2,620 resistance. Stop Loss at $2,270.
This is a riskier trade setup because it’s a trend reversal not a trend continuation setup. It’s against the overall downtrend.
The recent launch of ETH Spot ETFs could boost demand for ETH.
Weekly Price Analysis
7-day Price Change: -2.5%
Week’s Opening Price: $2,475
Highest Price in the Week: $2,480
Lowest Price in the Week: $2,390.
Trend:Â Short-term trend is Down, Medium-term trend is Strong Down, Long-term trend is Strong Down.
Momentum:Â Price is neither overbought nor oversold currently.
Support and Resistance: Nearest Support Zone is $2,100.00. Nearest Resistance Zone is $2,620.00, then $2,850.00.
Ethereum News Roundup
In the past week, Ethereum news has largely focused on upgrades and upcoming milestones in its ecosystem:
Sharding Update: The highly anticipated Sharding upgrade is expected to further increase Ethereum’s scalability by dividing data into smaller portions.
Layer-2 Scaling Developments: Vitalik Buterin, Ethereum’s co-founder, emphasized the importance of scaling solutions to make transactions more affordable.
Other important news includes discussions surrounding the Shanghai upgrade, which allowed users to unstake previously locked ETH, and improvements in the Ethereum 2.0 roadmap .
Technical Indicators
Relative Strength Index (RSI): 48.5.
MACD (Moving Average Convergence Divergence): The MACD line is below the signal line.
Bollinger Bands: The bands are narrowing, which typically signals reduced volatility.
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