The price of Ethereum has risen beyond the $3,500 resistance level. Above the $3,550 level and the 100 hourly simple moving average, ETH was able to gain ground.
On the hourly chart of ETH/USD, there was a break over a key negative trend line with resistance near $3,475 throughout the rise. The two even broke through the $3,600 barrier. Near $3,628 a high has formed, and the market is presently reversing gains.
It is now consolidating near $3,500. Near the $3,550 mark, there is immediate upside resistance. The $3,575 level is the first big resistance. The next big resistance mark is about $3,600, above which the price may move higher. In the above scenario, the price may potentially grow to $3,700. The next significant level could be $3,800.
However, If ethereum fails to rise above the $3,550 and $3,575 resistance levels, a new negative correction could begin. On the downside, $3,500 serves as an initial support level.
Ethereum to Run up 730%!
Justin Bennett, a crypto investor, and analyst is speculating on a positive “what if” scenario in which Ethereum rises over 700 percent in the next months.
The analyst shows his 72,000 followers a chart that shows ETH trading in a massive upward channel that started in March of 2020.
ETH recovered off the bottom near $2700 on Bennett’s chart and is currently grinding its way up to the channel top. If the plan comes to fruition, Ethereum may be trading at $30,000 by May 2022, when it reaches the top of Bennett’s ascending channel.
According to CoinGecko, the current price of ETH is $3,589, representing a 735 percent increase.
According to the analyst, the altcoin market as a whole may be offering some wonderful possibilities. He believes that as long as Bitcoin maintains its positive momentum, altcoins such as VeChain (VET), a decentralised supply chain management platform, might see another leg higher.