Ethereum (ETH) Uptrend Continues Despite Weekend Trading Sideways

Ethereum has been on the move lately, breaking out of a symmetrical triangle and showing some strong momentum. This has led to a revisit of its previous high price, with resistance being met along the way. Despite this, the overall outlook suggests that further progress can be expected in the near future.

Looking at the technical analysis, it appears that Ethereum is in the final stages of a bullish Elliott wave structure. After a period of consolidation, Ethereum managed to break through the $3,000 resistance level and is currently trading at $3,406. With solid buying activity supporting this breakout, it seems that Ethereum is gearing up for more gains, potentially pushing towards $3,800 as part of its bullish wave.

The daily chart paints a picture of a robust recovery for Ethereum, with the completion of a corrective wave and the beginning of a new impulsive wave. The breakout above $3,000 is a significant development, and the current resistance lies around $3,519. This could pave the way for Ethereum to hit $3,800 in the coming days.

Looking at the Relative Strength Index (RSI), while it remains elevated, it’s not in overbought territory yet. This suggests that there’s still room for Ethereum to climb higher before a potential correction kicks in. The breakout from the symmetrical triangle pattern adds more weight to the bullish sentiment, indicating that Ethereum could push towards $3,800 before any major pullback occurs.

In terms of price predictions, the hourly chart shows a clear Elliott wave structure in play. Following a bounce from a support level near $3,330, Ethereum seems to be gearing up for another leg higher, potentially targeting a resistance zone around $3,650. However, a dip below $3,330 could see Ethereum retracing towards $3,200 before resuming its upward trajectory.

Key support levels to watch include $3,330, $3,200, and $3,000, while resistance levels stand at $3,519, $3,650, and $3,800. Sustaining above $3,330 is crucial for maintaining the bullish momentum, with a breakout above $3,519 likely to spur further gains.

As always, it’s worth noting that all investments come with risks, and past performance is not a guarantee of future results. Consulting a financial advisor before making any investment decisions is always a wise move.