Coin World News Report:
ETH has broken through $2,700, which may trigger a bullish reversal.
If ETH aims for $4,000, the current value may provide a good buying opportunity.
Ethereum [ETH]
rose by 11% last week, breaking through $2,700, a key level reached by renowned analyst Peter Brandt.
It is expected
to trigger a bullish reversal.
Brandt maintains his outlook as ETH surpasses the neckline resistance of the bullish reverse head and shoulders pattern ($2,700).
“$ETH’s closing price chart has reversed the H&S pattern. I am flat ETH.”
Will the upward trend of ETH continue?
Another market analyst, Crypto McKenna,
shares a similar bullish prediction for ETH.
He points out that reclaiming $2,850 (second/third quarter support) could take the altcoin to $3,600, especially if Trump wins the upcoming election.
“ETH here really does look bottomed out and ready to go higher. Reclaiming $2,850 is the signal I’m risking it on.”
In the past few weeks, interest in whales has been growing, which also supports the aforementioned outlook.
According to the data from Hyblock’s Whale vs. Retail Delta, the indicator has turned green and reached the level seen during the approval of the US spot ETF in July.
This suggests that in the perpetual market of futures, whales have increased their long positions compared to retail. This highlights the appetite and upward expectations for the smart currency ETH.
Furthermore, as indicated by the Average Directional Index (ADX) reading of 50, the recent uptrend is strong.
If the uptrend continues, it could drive ETH forward, especially in the recent surge in exchange networks.
The long/short ratio of top traders on Binance further supports the wise bullish sentiment towards ETH. As of writing, the reading of this indicator shows that nearly 73% of ETH positions are long.
Read
Ethereum [ETH] Price Prediction 2024-2025.
This means that top traders on exchanges expect the upward momentum of ETH to continue, which aligns with the bullish outlook of McKenna and Brandt.
As of writing, ETH is valued at $2,723, about 48% away from the peak of $4,000 in March of this cycle. This means that if the upward trend focuses on the $4,000 high in March, the current value of ETH offers significant risk-return and asymmetric opportunities.
