CandleFocus Ethereum Price Completes 12 Weeks Of Bottom Formation, Analyst Says Don’t Aim Lower Than $4,900 ATH
2024-10-31
Author: Content Editor
According to technical analysis, Ethereum's days of consolidation may soon be over, with the possibility of reaching a new all-time high. The analysis suggests that Ethereum has been in a consolidation phase for 12 weeks after a decline in early August. The consolidation is occurring at the bottom of the lower trendline in a bullish Channel Up trend that has been ongoing since June 2022. The recent uptrend in Ethereum has shifted the outlook from bearish to neutral and is now moving towards bullish. A break above the weekly MA50 could signal the end of consolidation and set the stage for a rally towards the channel's upper trendline. This could potentially lead Ethereum to break its all-time high of $4,900 and even reach $5,500 before any major correction. Currently, Ethereum is trading at $2,631.
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