Ethereum Price Poised for Breakout as MACD Turns Bullish
The second-largest cryptocurrency by market capitalization, Ethereum, is showing strong momentum, suggesting an imminent breakout.
Key Highlights
- Approximately 97% of Ethereum addresses are currently in profit. Historically, when profits exceed 95%, markets may pull back, but Ethereum remains strong above key supports.
- A rising wedge pattern on the 3-hour ETH chart indicates potential explosive movement. A break above the $4,500–$4,600 resistance could target $5,000, a 9.3% gain.
- If Ethereum falls below $4,450, it might correct to the $3,850–$3,900 zone, marking a potential 14.4% downside.
Technical Indicators
- The MACD indicator is bullish with a crossover above the signal line, indicating rising momentum.
- The RSI is near 63, suggesting room for upward movement before encountering major resistance.
Ethereum's short-term outlook remains positive as long as RSI stays below 70 and MACD continues upward.
Conclusion
Ethereum is at a critical point. A break above $4,600 could push prices towards $5,000, while failing to hold current support may lead to a pullback. With technical indicators turning bullish, an upside breakout seems more probable.