Could’s ETH’s minor setback set the stage for a major comeback? A technical pattern suggests Ether may surge to $10,000 in the coming weeks.
Nonetheless, as ETH trades under the given price ceiling, its momentum indicators, mainly relative strength index , Moving Average Convergence Divergence and Stochastic RSI, have been trending upward.As a result, ETH has been confirming a bearish divergence between its price and momentum, a pattern that typically leads to a price reversal. If such a move occurs, TT noted that Ether’s price might fall to as low as $2,300.
Conversely, a successful breakout above the descending trendline resistance would likely switch the Ether market bias to bullish, TT wrote. The concerns over Ether’s bull trap also remain due to its history of painting technical setups with an upside bias yet failing to deliver a breakout move.in October 2021, as Cointelegraph covered, with a breakout target of nearly $6,500 versus its then-current price of around $3,750. Nonetheless, the Ethereum token dropped toward $2,100 weeks later, invalidating the classic bullish continuation setup.Despite a mixed outlook, Ethereum’s network metrics tell an optimistic story.
Additionally, the number of non-zero addresses and those holding at least 0.1 ETH also climbed to a new high on Feb. 15, reaching nearly 75 million and 7 million, respectively. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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