Ethereum Price Targets Potential Surge to $8,500 Amid Bull Run
Ethereum has exhibited a bullish price trajectory, increasing by 20% in 24 hours and 45% over the past week. Its current price is $4,320, marking its highest level since the 2021 bull market.
Key Points
- Technical analysis indicates a Right-Angle Broadening Formation (RABF) on the daily chart.
- Resistance is between $4,200 and $4,300, with strong buying pressure noted during pullbacks.
- Initial breakout target based on measured move principle is $6,370; potential peak at $8,500 if momentum continues.
- Critical support levels are at $3,700 and $3,200 if the price fails to hold above $4,300.
- Ethereum outperformed other major cryptocurrencies like Bitcoin, XRP, and Solana, which have seen declines of 2.2%, 3.5%, and 4% respectively.
