{"id":17061,"date":"2024-10-31T22:30:08","date_gmt":"2024-10-31T22:30:08","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=17061"},"modified":"2024-10-31T22:30:08","modified_gmt":"2024-10-31T22:30:08","slug":"ethereum-price-completes-12-weeks-of-bottom-formation-analyst-says-dont-aim-lower-than-4900-ath","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=17061","title":{"rendered":"Ethereum Price Completes 12 Weeks Of Bottom Formation, Analyst Says Don\u2019t Aim Lower Than $4,900 ATH"},"content":{"rendered":"

Technical analysis suggests the days of the Ethereum price consolidation might be over very soon<\/a>. At the time of writing, Ethereum <\/a>is trading with a 0.07% gain in the past 30 days, which reveals the current consolidation situation <\/a>it finds itself under.\u00a0<\/p>\n

However, according to a technical analysis on TradingView, the Ethereum price could be well on its way to reaching a new all-time high after 12 weeks of consolidation.<\/p>\n

Ethereum Price Completes Bottom Formation<\/h2>\n

According to a technical analysis of the Ethereum price in the weekly candlestick timeframe, the cryptocurrency is currently in its 12th week of consolidation after a decline that ended in the first week of August. Interestingly, analysis reveals that the consolidation is at the bottom of the lower trendline in a Channel Up trend in the weekly timeframe that started as far back as June 2022.<\/p>\n

Particularly, a close look at this Channel Up trend reveals that the Ethereum price action has been confined between its upper and lower trendlines in the past two and a half years. Fortunately, the trend is a bullish one with the creation of higher highs and higher lows, which suggests a bullish outlook for the Ethereum price.<\/p>\n

As it stands, the Ethereum price has been on an uptrend<\/a> since the beginning of the week, essentially reversing last week\u2019s declines.<\/a> Consequently, the price has flipped from bearish to neutral on the weekly outlook and is now moving towards bullish.<\/p>\n

The only thing left is for the Ethereum price to keep pushing on this uptrend and flip above the weekly MA50 (50-Day Moving Average). A successful push above this level, according to crypto analyst InvestingScope, would not only signal an end to Ethereum\u2019s prolonged consolidation but also set the stage for a rally toward the channel\u2019s upper trendline.<\/p>\n

ETH On The Journey To Recording New Highs<\/h2>\n

As it stands, the 1W Relative Strength Index has already crossed over its MA, lending charge to the momentum. All that\u2019s left now is an Ethereum price break above the weekly MA50. A break above the MA50 on the weekly timeframe would confirm the shift from consolidation to bullish momentum, draw in fresh buying interest and open up Ethereum\u2019s path to creating a higher high within the Channel Up structure.\u00a0<\/p>\n

The Channel Up structure is structured in such a way that the creation of a new higher high at this point would necessitate a break above the current all-time high of $4,900. A touch of the upper trendline in the Channel Up would see the Ethereum price peaking above $5,500 <\/a>before undergoing any major correction.<\/p>\n

\u201cWhen that happens, aim for no lower than the All Time High (TP = 4,900),\u201d the analyst said<\/a>.<\/p>\n

At the time of writing, Ethereum is trading at $2,631.<\/p>","protected":false},"excerpt":{"rendered":"

Technical analysis suggests the days of the Ethereum price consolidation might be over very soon. At the time of writing, Ethereum is trading with a 0.07% gain in the past 30 days, which reveals the current consolidation situation it finds itself under.\u00a0 However, according to a technical analysis on TradingView, the Ethereum price could be […]<\/p>\n","protected":false},"author":0,"featured_media":17062,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-17061","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/17061"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=17061"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/17061\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/17062"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17061"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17061"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17061"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}