Back above $3,000, Ethereum appears poised to resume its upward trend after a rebound on its weekly Kijun. Is it finally time for the cryptocurrency to head higher ? Is ethereum ready to soar ?
Find out in this ETH analysis for Thursday, April 19, 2024.
It’s Thursday, April 19, 2024, and the price of Ether (ETH) is trading around $3,090.
It’s been 6 weeks since Ethereum entered a correction, and after a bounce on its weekly Kijun, a new uptrend may finally be forming.
So, is it finally time for the cryptocurrency to resume its ascent despite the famous “Sell in May and go away” adage, where we know that May is traditionally bearish? Let’s first assess its recent developments.
The ETH continues its correction
Despite a slight bounce in the past 24 hours, Ether remains bearish on larger timeframes with a 10.18% drop over the week.
Bitcoin dominance over altcoins remains high at 55.83%, while ETH has lost 11.16% against BTC in the last 7 days.
Is Ether soon heading towards peaks?
While its price has been falling for weeks now, ETH has bounced several times in recent days on the lower part of a compression triangle.
As long as the price does not fall back below the significant support of $2,500 (the first point of contact of this triangle and a psychological zone), the likelihood of a rebound is high.
Indeed, during a Bull Run, cryptocurrencies often build consolidations lasting several weeks before resuming their upward trend.
Therefore, it can be assumed here that the price will not drop much further and that it is at interesting levels for potential long-term accumulation.
While a rebound on the weekly Kijun is a strong signal, ETH will need to reclaim its daily Kijun, under which it is currently trading. The latter still represents a significant resistance, so nothing is certain yet.
In the coming weeks, we will therefore monitor the potential recovery of the daily Kijun, and especially the breakout of the triangle to the upside. This would set a price target of around $4,670, roughly a return to its all-time highs.
In the news – After several disappointing months, is Ethereum (ETH) doomed to stop shining ?
In summary, Ethereum remains strongly bullish in the long term and is expected to resume its ascent towards new price records. Now is the time for accumulation before the next rally.
So, will the cryptocurrency manage to reach $5,000 this year ? Is ethereum ready to soar ?
Feel free to share your opinion in the comments.
Have a great day, and we’ll see you next week for another analysis of Ether !
