Ethereum price has breached a crucial level, indicating the start of a run-up to new all-time highs. However, ETH is consolidating, gathering steam for the next leg that propels it higher. Ethereum price set up multiple lower lows between September 3 and September 24. However, what followed next was a series of higher lows. This price action resembles a rounding bottom pattern, which forecasts a 31% ascent to $5,245, determined by adding the depth of the rounding bottom to the breakout point at $3,989.So far, ETH has breached this barrier and has rallied 6% to where it currently consolidates. While theoretically the uptrend has already begun, a potential spike in buying pressure needs to push Etheruem price past its all-time high at $4,387. This move will confirm that the buyers are in control and propel ETH to the 161.8% trend-based Fibonacci extension level at $4,849. Beyond this point, the theoretical target at $5,245, aka a new all-time high, awaits Ether.

BULLISH AND BEARISH CONDITIONS/ POSSIBILITIES :

Later, ETH/BTC broke the channel to the upside on Saturday, raising anticipations about a strong extended recovery trend. But a selloff on Sunday and the ongoing session had traders test the channel’s resistance trendline as support. On the other hand, if Ethereum price breaches below the $3,989 support barrier, it will indicate weakness among buyers and suggest that a downtrend might continue. However, a breakdown of the $3,746 will invalidate the rounding bottom pattern’s bullish thesis. In such a case, ETH might head toward $3,615.

Ethereum Breaks above $3953

Oct 27 2021