Briefly –
- Ethereum price seems ready to challenge its ATH as the 12Hr price chart depicts a bullish pattern.
- However, a slight sell-off might emerge as the technical formation hasn’t completed the right-shoulder pattern.
- A robust chart pattern can see ETH targeting $4,610.
Ethereum (ETH) price creates a bullish pattern suggesting that the altcoin might surge 25% with a sturdy technical formation. However, the leading alternative token by market cap might sustain a brief sell-off before realizing a massive aspiration.
Ethereum Steadies, Awaiting another Record High
Ethereum price seems to prepare for a new ATH as the 12-hour price chart indicates an upcoming head-shoulder pattern. If the alt completes the primary technical picture, Ethereum might record a 25% upswing towards $4,610.
However, the coin has to slice past the neckline near $3,673 for the prevailing price chart to be robust. Also, magnified buying pressure is essential to take Ethereum higher.
Meanwhile, the altcoin has to deal with multiple resistances moving towards its bullish targets. Ethereum will encounter the initial barrier at 78.6% FIB retracement at $3,730, then 7 September around the $3,947.
Other Ethereum hurdles might emerge near $4,029, $4,131, and $4,207, 3 September peak, 15 May high, and 10 May peak, respectively. Lastly, the crypto will battle the hurdle at 127.2% FIB retracement at $4,403 before testing its ATH.
The head-shoulders pattern might continue forming before ETH enters the anticipated bullish run. That means that Ethereum can record a slight correction before climbing towards its targets.
Meanwhile, the first defense line stands around 61.8% FIB retracement at $3,498, then the 50% FIB retracement at $3,335, coinciding with the 100 12hr Simple Moving Average.
Increased selling momentum might witness ETH dipping to hit 50 12hr Simple Moving Average at $3,236, then to the 13 September low at $3,104. Ethereum can have another foothold around the 200 12hr SMA near $2,949 before plunging to the MRI’s support line at $2,834.
Buyers should amplify their actions for ETH to attain its predicted targets. Any move to breach the Momentum Reversal Indicator’s support can result in a voided chart pattern, canceling the bullish objectives.
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