Ethereum (ETH) price has broken the long-term horizontal and diagonal resistance levels.
The weekly RSI gives a signal that preceded the parabolic increase in ETH in the previous market cycle.
Will Ethereum’s rise accelerate?
ETH price has been gradually rising since falling to the low of $880 in June 2022. The upward movement was limited by a rising resistance trend line, causing four rejections (red icons). The last one occurred in December 2023.
ETH also created higher lows during the upward move, accelerating the increase each time ETH bounced (green icons). The most recent rebound occurred in October.
After more than 600 days, ETH price finally broke through the upward resistance trend line last week.
The breakout was significant because it took ETH above a long-term horizontal resistance area. Previously, the area had been intermittently acting as support and resistance since April 2023.
Read more: Ethereum integration: Everything you need to know
What do analysts say?
Cryptocurrency traders and analysts on X have a very positive outlook on ETH.
Trader Maine is leading the charge, tweeting:
I’m still fully dedicated to discovering ETH and ETH betas. I think the $3,400 level remains the target, and invalidation would be a weekly close below $2,044.
Cold Blood shill indicates that the price of ETH It will soon move above $3,000, while… CJ believes that a sweep of the lows will happen tomorrowThen the price of ETH will move upwards.
finally, Bluntz Capital expects ETH to outperform Bitcoin. He predicts a price of ₿0.01 for ETH/BTC in 2024, a level that has not been reached since 2018.
Read More: What is the Ethereum Shanghai Upgrade?
ETH Price Prediction: Will the 2020 Fractal Rise Parabolic?
An interesting realization comes from comparing Ethereum’s price action in the previous bull cycle to the current one.
In 2020, Ethereum broke out of a horizontal resistance zone that at times provided support and resistance for over 1,000 days. This is very similar to the current hack.
The RSI readings are almost identical. Market traders use the RSI as a momentum indicator to identify overbought or oversold conditions and to determine whether to accumulate or sell the asset.
Readings above 50 and an uptrend indicate that the bulls still have an advantage, while readings below 50 indicate the opposite.
In 2020, the RSI moved into the overbought zone (green symbol) and then fell to the bottom. The second move into the overbought zone (green vertical trend line) gave a signal that stimulated ETH’s 1000% upward movement, resulting in an all-time high.
A 1000% increase will take the price of ETH to $27,000 this cycle. In the short term, there are more reasonable targets at $3,500, $5,000, 40 and 90% above the current price.
Despite this bullish prediction for ETH price, a close below $2,200 will invalidate this bullish prediction. After that, the price may fall by 40% to $1,600.
Read more: How to buy Ethereum (ETH) and everything you need to know
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