Ethereum is rising, quite literally defying gravity when writing.
Perhaps as a reminder of the project’s significance in crypto circles, ETH prices rose eight percent, outperforming the greenback on the last trading day.
There are pointers of strength reading from price action but what’s critical is the set of macro events directly pumping bulls.
Ethereum Market Performance and Price Status
On October 28, Ethereum activated the Altair Upgrade, adding several enhancements to the Beacon Chain.
In Phase 0, Ethereum has two chains. The staking ledger courts more attention considering how critical it is as a future of the high profile project.
Accordingly, since the merger was successful, ETH prices got tailwinds.
Subsequently, ETH/USDT bounced off from the critical support line, the 20-day moving average, and around $3.8k.
These lines shape the ETH/USDT short to medium-term price action and thus, are the foundation of future gains.
When writing, ETH prices were on the cusp of registering new all-time highs, breaking above $4.4k.
With the revival of ETH bulls and supportive fundamental factors in the weeks ahead, the probability of bulls driving the coin to new highs is highly likely.
Specifically, a follow-through of October 28 gains will be enough to ignite a new wave of demand, fuel for the next leg up.
Is Ethereum ready for a move above $6.3k?
One trader on Trading View is convinced ETH prices would blast above $4.4k before racing to over $6.3k.
From the analyst’s preview, he observes that ETH/USDT price action is bullish.
The analyst picks out the cup-and-handle formation which has broken out.
Therefore, a close above $4.2k and later all-time highs would see ETH prices reach over $6.3k by the end of the year.
ETH/USDT to $8k
Meanwhile, on the same platform, another trader thinks ETH will surge to over $8k, almost doubling from spot rates.
From the daily chart, the trader notes that ETH/USDT prices are within a rising channel.
A few sessions back, ETH prices recovered from the lower trend line, printing higher to spot rates. Therefore, in a trend continuation, a close above $4.4k would open the flood gates of demand.
As a result, ETH/USDT prices would continue grinding higher, racing to over $6k to $8k—the upper trend line.
Ethereum Fractals, ETH back to $19k?
On YouTube, one trader summarizes various analyses–all banking for ETH to rip higher–, reaching $19k in the next few months.
Behind this frenzy is the formation of Ethereum fractals. In 2017, it printed, and four years later, there is another one.
Back in the day, this technical indicator preceded a strong leg up, changing fortunes. Will the same move print? Technical analysts think ETH would be ready for $19k or another 4X from spot rates if it does.
While technical indicators may be a cause of FOMO, macro events would truly shape Ethereum.
For instance, with Eth2 activation, EIP-1559 which is burning billions of ETH, and even the possibility of an Ethereum ETF being approved. The latter would, without a doubt, force ETH higher to even $10k, rewarding HODLers.
Charts courtesy of Trading View
Disclaimer: Opinions expressed are not investment advice. Do your research.
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