Ethereum has been under brutal market corrections after it peaked in the 2021 bull run. However, the recent bullish week resulted in good growth for the cryptocurrency. ETH is trending upwards and stands at a price level of $2,399 – at the time of press. The price of the cryptocurrency has increased by nearly 5% in the past twenty-four hours while the weekly performance has surged by 15%. The daily trading volume for the second largest cryptocurrency has also increased by 5%.
Technical analysis
The market sentiment for Ethereum is bullish. Fourteen of the total twenty-six technical indicators are giving out an indication of buy. Nine indicators of the rest are standing at a neutral position and only three are bearish with a sell sign.
A trader’s analysis has revealed a possible trajectory for Ethereum. ETH coin has formed multiple coherent wave counts up till now and completing the wave counts could lead towards a price target at $2,840. ETH is forming two wave counts. The final wave of both the wave counts will result in the similar price target. However, one of the wave count displays more oscillation and a support level is expected to be tested. The supporting zone lies between $2,200 and $2,100. If the cryptocurrency is able to reach its price targets, it would also mark the onset of bearish momentum and the market will fall into corrections – once again.
Is $2,800 possible for Ethereum?
Ethereum is the queen of the market – second only to Bitcoin. The potential of its DeFi and dApp technology is not even under debate. However, the subpar performance has led to debate about altcoin overtaking the queen. Some recent developments may suggest an upcoming end to the bearish trend in the market and the possibility of achieving its price target. Actor Mila Kunis is to launch an NFT series by the name of “Stoner Cats” which will also be featuring Ethereum founder Vitalik Buterin. The NFTs are expected to become very popular as they are already well-hyped. The addition of another popular NFT batch to Ethereum’s ecosystem may help in a price rally for the cryptocurrency.
