Ethereum Price Forecast: Will ETH Experience a New Surge After Forming Double-Bottom Pattern on July 15th?
Ethereum has kicked off the week with a 5% gain following last week’s substantial profits. The price is displaying strength while testing a minor resistance level, and a new bullish pattern is emerging on the daily timeframe.
The $2,800 support level, as highlighted in previous weeks, has once again resulted in a bounce, signaling a rising market as bullish momentum remains robust. This upsurge follows a failure to breach the $2,600 and $2,400 levels during the recent correctional phase. With bearish sentiment dissipating, further bullish movements are anticipated in the coming days, contingent upon sustained growth in buying volume.
The current focus is on the $3,400 level, which was surpassed earlier this month. A breakthrough above this level could pave the way for additional market recoveries. Examining the present market structure, Ethereum seems to have formed a bullish pattern, specifically a double-bottom on the daily chart. A move above the $4,000 mark would confirm a structural breakout, potentially setting the stage for a significant rally.
From a long-term perspective, the overall market sentiment remains bullish, with sellers currently less active. Any resurgence in selling pressure could impede Ethereum’s momentum. Given the prevailing market conditions, the likelihood leans towards the bulls exerting more influence.
As the price trajectory continues upward, the immediate resistance levels for testing are $3,525, followed by $3,702 and $3,887. Conversely, in the event of a loss in momentum, key support levels to monitor for potential declines include $3,222 and $3,059. A breach below the critical $2,817 support level could trigger a substantial price decline.
Key Resistance Levels to watch are $3,525, $3,702, and $3,887, while Key Support Levels are noted at $3,222, $3,059, and $2,817. The current Spot Price stands at $3,364, with the trend classified as Bullish and volatility levels deemed High.
It is important to note that the information provided is not intended as trading or investment advice. It is always recommended to conduct thorough research before engaging in cryptocurrency purchases or investments. Stay informed with the latest updates on Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news by following us on Twitter.
