Ether (ETH) price technicals are indicating that a 35% gain could be in play by March 2022, due to a combination of bullish technical and fundamental factors. The recent rise in Ether’s price above its 21-week exponential moving average (EMA) and 200-day simple moving average (SMA) is considered a strong signal of a bull market. While past MA crossovers have not always led to sustained gains, when combined with other positive factors, the upside potential becomes greater.
One of the factors driving Ether’s price higher is the anticipation of Ethereum’s upcoming Shanghai hard fork upgrade, expected to go live in March. This upgrade will enable withdrawals of staked ETH, making staking more attractive despite the potential risks of a large supply unlock. Additionally, a rise in the number of Ethereum’s wealthiest addresses, known as sharks, suggests strong accumulation of ETH. This accumulation may be a contributing factor to Ether’s current rebound in 2023.
From a technical standpoint, Ether is eyeing a breakout above a resistance confluence, including the 50-3D EMA and a descending trendline within a symmetrical triangle formation. A decisive close above this confluence could propel Ether towards its next upside target at the 200-3D EMA, around $1,880, representing a 35% increase from current levels. Conversely, a pullback from the confluence could lead to a correction towards the lower trendline of the symmetrical triangle, around $1,200.
It is important to note that this article does not provide investment advice or recommendations. All investment and trading decisions involve risk, and readers are advised to conduct their own research before making any decisions. The information presented in this article is based on technical analysis and fundamental factors surrounding Ethereum and the cryptocurrency market.
In conclusion, the technical indicators and fundamental factors surrounding Ethereum point towards a potential 35% gain in the coming months. The recent rise in Ether’s price above key moving averages, anticipation of the Shanghai upgrade, and strong accumulation of ETH by wealthy entities all contribute to the positive outlook for Ether. A breakout above key resistance levels could lead to a significant price increase, while a pullback could result in a correction towards lower levels. Investors should carefully consider their options and conduct thorough research before making any investment decisions.
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