TLDR
Ethereum continues its upward momentum, trading above $3,700 with an 8% weekly increase. Long-term ascending channel pattern suggests a sustained bullish trajectory. Technical support established at $3,300, with multiple resistance levels Forward analysts predict potential targets at $6,000 (medium term) and $10,000 (long term) and market indicators indicate the presence of strong buyers above key support zones
The crypto market continues to show vitality as Ethereum continues its upward trajectory, with the price holding steady above $3,700. Recent market data shows a significant 8% rise over the past week, reinforcing the digital asset's strong position in the market.
Trading activity has increased across major exchanges, and spot market volumes indicate renewed interest from market participants. Trading activity is increasing as technical indicators adjust to support current price movements.
Market observers have noted the formation of a unique upward channel pattern that has been guiding Ethereum’s price movement in recent months. This technical formation provides clear boundaries for trading activity and helps identify potential price targets.
The lower bound of the ascending channel has recently demonstrated its strength as a support zone, leading to a strong price recovery. This technical rebound made the pattern even more reliable as a predictor of future price movements.
Recent trading sessions have shown that Ethereum maintains a position above several important technical indicators, including the 100-hour simple moving average. This position suggests the potential strength of the current market structure.
Order book analysis reveals significant buying interest at current levels, with particularly strong support emerging around $3,300. Market participants perceive this zone as a potential entry point for future price corrections.
Hourly technical indicators remain positive, with the MACD showing positive momentum. This technical signal often precedes a sustained price increase when accompanied by a strong volume pattern.
Ethereum price on CoinGecko
Trading data indicates the presence of a significant trend line providing support near $3,800. This technical formation has proven reliable in recent price movements and provides a basis for further upside.
Market analyst Ali Martinez outlined potential price targets based on the current technical structure. This analysis suggests a medium-term target of $6,000, indicating significant upside potential from current levels.
Volume analysis shows healthy participation when prices rise, but declines occur when volumes fall. This pattern usually suggests underlying strength in the general trend.
Short-term resistance appears near $3,920, followed by the psychologically important $4,000. Above these levels, buying activity increases and may test higher price points.
The RSI indicator maintains its position above the 50 level without showing any signs of overextension. This technical analysis suggests that there is room for further upside before encountering overbought conditions.
Recent market data reveals the formation of persistent lows, a pattern that frequently precedes sustained price increases. This technical formation adds weight to the bullish case for Ethereum price action.
Order flow analysis suggests that professional traders are accumulating positions during price declines. This buying behavior often indicates confidence in rising price levels among experienced market participants.
Professional trading desks are reporting increased interest in Ethereum positions, particularly noting activity in the options market. This institutional interest often provides additional support for sustained price movements.
The latest trading session has shown steady buying pressure above the $3,750 level. Market participants continue to demonstrate a willingness to accumulate positions at current prices.
Martinez's long-term analysis points to a potential target of $10,000, but this prediction is highly dependent on the maintenance of the current market structure and support for technical patterns.
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