Ethereum Displays a Real Breakout, Will ETH Price Make out till $4000 this Week?
Ethereum‘s price is hovering above $3300 after breaking out from the double bottom pattern a couple of days ago. After breaking through the descending trend, the price gained huge bullish momentum backed by immense buying volume. The consecutive bullish candles formed point out towards a real breakout, paving way for a spike towards $4000.
The ETH price withnessed a couple of fakeout since the beginning of the year 2022 by facing constant rejections at around $3200. The previous attempt of the bears to restrict the price below these levels went in vain as the buyers had accumulated immense momentum over a fortnight. And hence no substantial drop may be encountered until the asset reaches the target at around $4400.
The ETH price as mentioned before has broken out from the symmetrical triangle and surged high nullifying the possibility of a retest. And with a real breakout, the price may eventually hit $3550 initially and later $3867. Moreover, the analyst believes once the asset breakout from these levels, then it may eventually range toward $4000 in the next 15 to 20 days. And hence the upcoming quarter is expected to maintain a decent uptrend restricting the consolidation.
As pointed out by the analyst, the Ethereum price comfortably surpassed 0.3 FIB levels and is heading towards 0.5 FIB levels at $3584. Once these levels are attained then the path towards $3800 may become pretty clear at 0.6 FIB levels. The ETH price has already conquered EMA 100 where-in the correction pattern has already broken. The RSI is also super strong while MACD is bullish and allows for additional growth. And hence one can expect a rise above $3875 soon.
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