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The Ethereum price is showing strong signs of a potential breakout, as an analyst predicts a surge to $3,300 in just one week. This forecast shows Ethereum’s projected successful breach of a key resistance level, indicating an imminent price recoveryto new highs. Analyst Projects Ethereum Price Recovery To $3,300
Ted Pillows, a crypto analyst on X (formerly Twitter), has shareda super bullish projection for the Ethereum price despite its recent downturn. The analyst projects that ETH can reach $3,300 in just one week, highlighting key technical patternsand changes in price action to support his prediction. Related Reading Analyst Says You’ll Regret Not Buying Ethereum At These Prices, Here’s Where It’s Headed 6 days ago
Pillows pointed out that a Symmetrical Triangle technical pattern has appeared on the Ethereum chart. This formation is typically seen as a bullish pattern, signaling an imminent price breakout to the upside after a period of consolidation.
The crypto analyst described his projected rally for Ethereum as a “short-term pump,” meaning that in the coming days, ETH could easily hit the new price target. Pillows highlighted a breakout area for Ethereum on its price chart. Currently, the cryptocurrency is trading at $2,688 and approaching key resistance levels. If it can break past the symmetrical triangle pattern and breach the resistance levelaround $2,750, then the analyst suggests that a surge between $3,100 and $3,300 is possible. ETH eyes breakout from Symmetrical triangle | Source: Ted Pillows on X
Following Ethereum’s projected rise to $3,300, Pillows anticipates a possible move back toward consolidation zones. This suggests that Ethereum may experience a slight price correctionand consolidate around that price range for a while. Interestingly, the analyst predicts that once ETH completes its consolidation, it will experience another rally to its next price target.
The price of Ethereum has fallenby over 18% in the past month, highlighting its slow growth and susceptibility to market volatility. If the Ethereum price can surge to Pillow’s projected target of $3,300 by next week, then the cryptocurrency will be on its way toward a much-needed price recovery.
While cryptocurrencies like Bitcoin, Solana, and XRP have all hit respective all-time highsduring this bull cycle, Ethereum has failed to experience a rally strong enough to push its price back to historic highs. Nevertheless, analysts remain bullishabout the altcoin’s future outlook, highlighting strong fundamentals and bullish technical indicators. ETH Flashes Bullish Buy Signal
According to crypto analyst Merlijn the Trader, Ethereum has just flasheda buy signal on its daily price chart. The analyst also noted that its Moving Average Convergence Divergence (MACD)has just flipped bullish, signaling a potential for an upward trend. Related Reading Ethereum Price Enters Bullish Expansion, Analyst Reveals How High It Can Go In February 2 weeks ago
Merlijn the Trader has revealed that the last time all of these technical indicators aligned in this manner, Ethereum pumped by over 66% to new highs. This historical pattern suggests that Ethereum could see a similar upward movement in the future. As a result, the analyst has projected a potential surge to $2,800 for ETH, marking a 4% increase from its current price. ETH tradiing at $2,765 on the 1D chart | Source: ETHUSDT on Tradingview.com Featured image from Unsplash, chart from Tradingview.com