Ethereum is looking bullish, according to a recent analysis. After breaking free from a long-term downtrend, it’s poised for a significant price jump.
The Breakout
A crypto analyst on TradingView, known as Orihadad66, noticed a powerful breakout on the 4-hour chart. A large volume candle blasted through a key resistance zone ($2100-$2150) and a long-standing downtrend line. This is a big deal – it signals a potential shift from a bearish to a bullish market.
Targets and Potential Pullbacks
The $2100-$2150 zone is now expected to act as support. If Ethereum successfully retests this area, it could launch towards $2500-$2550. This region has historically been tough to break through, so some profit-taking might occur here.
After this potential consolidation, the next target is $2800-$3000. This zone is a significant hurdle, combining both a supply barrier and a psychological resistance level. A successful break above $3000 could even push Ethereum towards $3300-$3600. That would be a massive increase of 18% to 41%!
What Could Go Wrong?
While things look positive, there’s always a risk. If the price closes below $2100 on a 4-hour chart, or breaks below the former downtrend line, the bullish outlook is invalidated. This would suggest the breakout was a false signal, potentially leading to further price drops. Keep an eye on the $2100 level! Until then, the current bullish prediction remains the most likely scenario.
