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The Ethereum price is showing signs of a possible trend reversalas technical indicators like the Continuous Linked Settlement (CLS) suggest a breakout may be on the horizon. The crypto expert who sharedthis analysis has predicted that Ethereum is set to rebound to $2,600 in this bull cycle. Ethereum CLS Sparks Potential Price Rally
David Perk, a TradingView crypto analyst recently published a detailed technical analysis of the Ethereum price. The analyst forecasts that ETH could soon reach $2,600 and beyond in the coming months. Related Reading Ethereum CLS Shows Price Will Rebound Above $2,600, Here’s Why 1 hour ago
Perk based his predictions on Ethereum’s daily and monthly CLS. According to his analysis, if Ethereum’s price actioncan respect its daily CLS and liquidity zone, it could gradually move upward, targeting its monthly CLS of $2,055 before skyrocketing above $2,600.
His analysis report described in detail what CLSmeans and how it can affect a cryptocurrency’s trajectory. Perk disclosed that CLS represents “ smart money” across all markets. It is the global settlement system used by major financial institutions, including Foreign Exchange (FOREX) markets. Source: David Perk on Tradingview
The crypto analyst suggested that CLS processes a massive volume of capital from large investment and central banks, boasting a daily volume of more than $6.5 trillion. In the case of Ethereum, since CLS follows a structured settlement process, traders who track these cycles can potentially anticipate significant price changes and liquidity shifts. Moreover, by knowing when large institutional money is entering or exiting the market, analysts can predict ideal entry and exit points for a cryptocurrency.
Perk’s Ethereum price chartshows an area marked in green, which represents the cryptocurrency’s liquidity zone. Additionally, the daily and monthly CLS can be seen, with the former acting as a support area and the latter as a resistance or target for future price movements. ETH Falling Wedge Breakout Targets $2,800
In other news, crypto analyst Marzell has shareda bullish prediction of the Ethereum price in an X (formerly Twitter) post. Marzell announced that Ethereum has successfully broken out of a Falling Wedge pattern. Related Reading Ethereum Price Recovery: Analyst Predicts Blow Off Top To $3,300 In One Week, Here’s Why 1 month ago
The Falling Wedge is known as a common bullish reversalpattern where a cryptocurrency’s price moves within two converging trend lines, forming lower highs and lower lows. Notably, Ethereum has broken out of this wedge, signaling a potential rebound is imminent.
The breakout occurred around the $1,991 price point, confirming its bullish momentum. As a result, Marzell predicts that Ethereum could experience a massive rallyto $2,821, marking a whopping 41.69% increase from its breakout level. Currently, the price of Ethereum is trading at $2,008, already seeing a rise of 3.7% in the last 24 hours. If a rally to $2,821 occurs, it would represent a surge of approximately 40.5%. ETH trading at $1,980 on the 1D chart | Source: ETHUSDT on Tradingview.com Featured image from Unsplash, chart from Tradingview.com