- Ethereum price trades above 50- and 100-day EMAs, confirming bullish momentum and a golden cross pattern.
- Ethereum price eyes $6,250 target, a 37% gain, as price nears Murrey Math extreme overshoot level.
- A drop below $4,097 support may invalidate the bullish setup and lead to a pullback toward $3,750.
Ethereum Price is currently exhibiting good indications of a further outburst, and the traders and investors are equally following the price. Having recovered following the April lows, ETH has broken important resistance points and is currently developing a bullish pennant – a typical pattern when it is about to gain. As the trend gains strength and the technical indicators meet, everyone wonders whether Ethereum can make a sharp rise into the $6,250 mark within the next few weeks.
Ethereum Price Chart Signs More Gains Ahead
The daily timeframe chart indicates that the Ethereum price has been on an unrelenting bullish run since it dropped to $1,382 in April when most tokens plummeted. It has just leaped over the key figure of $4,097 where it reached a triple-top last year.
Breaking over that price was a very bullish trigger, which indicated a great deal of buyer action. Ethereum has since affirmed the breakout successfully retesting the $4,097 and is currently building a bullish pennant pattern, which tends to forecast further gains.
ETH price is outperforming all major moving averages, the 50-day EMA of $3,216 and the 100-day EMA of $2,959 both trending in the same direction and creating a golden cross during the initial portion of the rally.
This technical is in favor of the bullish movement. The price also falls just below the ultimate resistance of the Murrey Math Lines indicating a critical point that might trigger another breakout. Provided the pennant resolves to the upside Ethereum may be set to start a sharp upwards move.
Source: TradingView
Bullish overall, and the most probable ETH price projection is a high at $6,250 the extreme over shoot on the Murrey Math Lines. An increase to that extent would be 37% of the increase in current levels. The nearest local resistance is at about $5 000 equal to the 8/8 Murrey Math level.
However, in case ETH price falls below the key area at $4,097, the bullish view would be negated and a fall to $3,750 can be caused. Nevertheless, so long as the price remains above major moving averages and key support, the entire trend is strongly bullish.
Read Also:
