Ethereum’s price trajectory is currently headed toward the next significant Fibonacci (Fib) levels, which are situated between approximately $2,400 and $2,600. This movement indicates a potentially critical phase in Ethereum’s market valuation.
Ethereum (ETH) is not performing as well as Bitcoin (BTC). However, if Ethereum begins to outperform Bitcoin, it could significantly increase ETH’s price, potentially reaching around $3,400. This possibility depends on the ETH/BTC pair dynamics, which market participants closely monitor for indications of Ethereum’s market trajectory.
Ethereum Price Outlook: Signs Point to a Positive Trend
In Ethereum’s monthly chart, the Moving Average Convergence Divergence (MACD) histogram has been ascending bullishly for four consecutive months, indicating a potential for the MACD lines to cross in a bullish manner soon. The Relative Strength Index (RSI) is currently in the neutral zone.
Ethereum has successfully surpassed its previous high of around $2,140 and is now advancing towards the next Fibonacci (Fib) levels, between $2,400 and $2,600. However, it might face initial bearish resistance at this juncture, potentially leading to a corrective phase.
However, if Ethereum breaks through this resistance bullishly, it could potentially ascend to the golden ratio level, around $3,400.
Ethereum Gains 50% in Value Over the Past Eight Weeks
Over the past eight weeks, the
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Author: Ryan James
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