After the recent market crash, the entire crypto space is in discovery mode. However, with the recent uptrend, Ethereum price is attempting hard to break its major resistance level to initiate the bull season! As per Coinmarketcap, the crypto was one of the top gainers, as the ETH price surged by 12.40% in the last 24 hours.
Certified Analyst Predict Ethereum Price to Hit $15k to $25k!
Interestingly, certified technical analyst Cryptobirb is bullish on Ethereum. As per the analyst predictions, the asset has the strong potential to go 10x to 15x in the upcoming bull cycle. Moreover, the metric indicates the drop in Ethreum’s sell-off pressure amid rising Chinese FUD.
As per the reports from Santiment, Ethereum’s Percentage of Supply on popular exchanges dropped to a 34-month low to 16.09% indicating reduced sell-off pressure. Huge outflows from exchanges represent that community members are holding the asset in private wallets and reducing sell-off pressure.
It seems that the ongoing bear market could be sturdily reverting to a more supportive zone for the asset. If the investors continue to buy aggressively and if the existing holders continue to HODL then the price is expected to make a big move.
Ethereum Price Analysis:
The Ethereum price is trading at $3,108 at the press time with a 24-hour trading volume of $20.9 billion. The asset hit a 24-hour ATH of $3,163.67 from a 24-hour low of $2,785.56.
The Ethereum price is currently forming a ‘W-Shaped’ pattern and is currently trending along the neckline. The ETH price is swinging around $3164 which is also the immediate major resistance level. If the price flips above the neckline, with some consolidation it could hit the next resistance level at $3,374. Breaking at $3,374 level resistance might lead ETH price to hit new ATH. On the flip side, the price may drop well below $2,900 if it fails to sustain between $3,100 to $3,300.