Ethereum is positioned as the second most valuable cryptocurrency on the market and is now attracting attention for a promising reason.
Tony “The Bull,” a renowned technical analyst and publishing executive, recently shared his bullish view on the immediate future of Ethereum (ETH), highlighting a specific technical formation on the ETHUSDT daily chart that suggests significant upside potential.
This analysis comes at a time when ETH is trading above $3,100, marking the highest level seen in the last two years. At the time of publication, the price of ETH was quoted at US$3,174.06, up 2% in the last 24 hours.
Among the various technical indicators, Tony “The Bull” highlighted the role of Bollinger Bands (BB) in analyzing Ethereum’s volatility. This indicator, despite being considered outdated by some, has a remarkable ability to predict significant price movements by observing the narrowing and expanding of bands. The recent BB “tightening” suggests an imminent price breakout, which historically precedes considerable value movements in either direction.
#Ethereum is about to erupt
Bollinger Bands are expanding after the tightest ever historically pic.twitter.com/7UnN2S2tpS
— Tony “The Bull” (@tonythebullBTC) February 25, 2024
The monthly ETHUSDT chart reveals an upward trend, with Ethereum prices showing consolidation in recent weeks. This brief period of stability, evidenced by a “tightening” in the bands, could be the prelude to a phase of high volatility and significant price gains. With ETH trading above $3,000, there is evidence of a notable break from previous highs, suggesting growing optimism among investors.
Technical analysis reveals that expanding Bollinger Bands, accompanied by bullish monthly bars moving along the upper part of the band, indicates strong upward momentum. This setup suggests that Ethereum may be on the verge of an “explosion” in price, reinforcing confidence that we are witnessing the beginning of a period of substantial gains for the second largest cryptocurrency by market value.
Tony “The Bull”’s enthusiasm for Ethereum’s upside potential is shared by many in the cryptocurrency space. As technical analyzes point to a bullish phase, investors and enthusiasts are keeping an eye on the opportunities that this moment could represent with the approval of ETFs in the coming months.
Ethereum Price
Ethereum price has surpassed the $3,000 resistance level. ETH traded near the $3,200 level. It is now consolidating gains quoted at US$3,182.08 with an increase of 2.5%, with initial support close to the US$3,000 level.
On the upside, an immediate hurdle is near the $3,250 level. Any other upside could perhaps open the door for a test of the key $3,620 barrier.
Disclaimer:
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
Source: https://portalcripto.com.br/previsao-otimista-ethereum-pode-explodir-em-valor/
