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Ethereum Price Analysis Ethereum is an open-source, decentralized blockchain system with its , Ether. Decentralized smart contracts can be executed with ETH and for many other cryptocurrencies. Vitalik Buterin first introduced Ethereum in a 2013 whitepaper. Buterin and his co-founders secured funding for the project through an online public crowd sale in the summer of 2014 and launched the blockchain on July 30, 2015. Ethereum and Bitcoin have a similar chart. Therefore, both of them seem to be at their polarity level. According to the principle of polarity, the support, if it breaks on the downside, becomes resistant when the price tries to pull back. Pullback and throwback are essential concepts of technical analysis, thus strengthening the buying and selling psychology. From its peak in November 2021, ETH/USDT was corrected by almost 82%. At the time of press, the price has pulled back approximately 45% of the fall. ETHEREUM on the weekly chart is forming a cup and handle pattern, which is considered a bullish reversal pattern. Confirmation is required to trade this pattern. A weekly close above $2133 will confirm the breakout. Post confirmation, the first target would be around $2615. However, if the price breaks below the support zone of $1619, it can test the next support level, which is $1507. The ascending triangle is 1106 points deep. Therefore, as per the rule, the minimum target post breakout should be 1106 points, which is $3261. Indicators on the daily time frame suggest that the uptrend should continue. The price is trading above all key EMAs and MAs. Any dip in the cost would be provided with support from rising moving averages. At the time of press, RSI is also trading in positive territory above the 61 mark. Similar to price, support and resistance levels work well on RSI. Above 50 RSI is good for bulls. The MACD, on the other hand, has just entered into positive territory and is trending upward. The indicators used on the chart indicate the continuation of the trend. As per TA, the ETH price is mildly bullish and forming a bullish continuation pattern. Therefore, the probability rate for patterns is high. In the daily time frame, Ethereum (ETH/USD) forms an ascending triangle. A daily close above $2085 will confirm the breakout. Support Levels: $1890, $1819, and $1701. Resistance Levels: $2017, $2145, and $2195. The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
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