ETH Price Setup Mirrors 2017: Can Ethereum Repeat Its 25,000% Rally?
The post ETH Price Setup Mirrors 2017: Can Ethereum Repeat Its 25,000% Rally? appeared on BitcoinEthereumNews.com. Previous occurrences, such as in late 2016 and 2023, preceded major Ethereum rallies, including the meteoric rise from $6 to $1,400 by early 2018. Analysts suggest that a breakout above $1,950 could confirm a bullish setup, with an initial price target of $2,100 and the potential for extended gains. The patterns and technical formations on the Ethereum (ETH) price chart at the present moment closely resemble the ones observed in early 2017. At the time, the crypto market witnessed the Ethereum mania period when the ETH price skyrocketed by over 25,000%. Is Ethereum Price Poised For A Major Breakout? Source: TradingView Traders on Ethereum’s monthly chart have picked out a very rare candlestick formation dubbed the Dragonfly Doji. It is a common reversal structure after a downtrend wherein there is a long lower shadow, a small or non-existent upper wick, and a close near the opening price. The candlestick for this month implies a clear rejection of lower prices. Sizeable returns in the opposite direction of market bids can be interpreted as evidence of bidder momentum returning. Ethereum price has historical significance for this pattern. Additionally, in December 2016, ETH was at a price lower than $6, and a similar Dragonfly Doji appeared. Soon, what followed was a year-long climb to over $1,400 by early 2018. Apart from this, this candlestick pattern has been witnessed in 80% and 145% gains of Ether in 2023 and 2021, respectively, but the occurrences have only been minor. Ether is keeping very close watch as technical analysts keep a close eye on its performance in early May. A price breakout above April’s high of around $1,950 could potentially validate the bullish setup. Should this happen, an initial price target around $2,100 may come into focus, potentially setting the stage for an extended upward movement,…
The post ETH Price Setup Mirrors 2017: Can Ethereum Repeat Its 25,000% Rally? appeared on BitcoinEthereumNews.com.
Previous occurrences, such as in late 2016 and 2023, preceded major Ethereum rallies, including the meteoric rise from $6 to $1,400 by early 2018. Analysts suggest that a breakout above $1,950 could confirm a bullish setup, with an initial price target of $2,100 and the potential for extended gains. The patterns and technical formations on the Ethereum (ETH) price chart at the present moment closely resemble the ones observed in early 2017. At the time, the crypto market witnessed the Ethereum mania period when the ETH price skyrocketed by over 25,000%. Is Ethereum Price Poised For A Major Breakout? Source: TradingView Traders on Ethereum’s monthly chart have picked out a very rare candlestick formation dubbed the Dragonfly Doji. It is a common reversal structure after a downtrend wherein there is a long lower shadow, a small or non-existent upper wick, and a close near the opening price. The candlestick for this month implies a clear rejection of lower prices. Sizeable returns in the opposite direction of market bids can be interpreted as evidence of bidder momentum returning. Ethereum price has historical significance for this pattern. Additionally, in December 2016, ETH was at a price lower than $6, and a similar Dragonfly Doji appeared. Soon, what followed was a year-long climb to over $1,400 by early 2018. Apart from this, this candlestick pattern has been witnessed in 80% and 145% gains of Ether in 2023 and 2021, respectively, but the occurrences have only been minor. Ether is keeping very close watch as technical analysts keep a close eye on its performance in early May. A price breakout above April’s high of around $1,950 could potentially validate the bullish setup. Should this happen, an initial price target around $2,100 may come into focus, potentially setting the stage for an extended upward movement,…
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