Reported by Aziz zamani
Ethereum price forecast: the bullish structure builds pressure towards breaking the $4,060 level
Ethereum shows strong bullish momentum below the critical resistance level at $2,800, with continued consolidation supported by higher lows and critical moving averages. If this level is broken, the next target will be at $4,060, indicating a potential gain of 43%.
Key technical points
Support at the 21-day exponential moving average (21EMA): Ethereum has respected this average during the recent consolidation phase, indicating strength.
Main resistance at $2,800: this level is the primary barrier. A confirmed break above it paves the way for further upside.
The bullish target at $4,060: the next resistance lies at this level, which could mean a 43% increase from the current price.
Ethereum's price has risen by 4.47% in recent sessions, forming a clear series of higher lows. This bullish structure formed below a major resistance level is a sign of increasing pressure and the possibility of a breakout soon.
The 21-day exponential moving average still provides dynamic support, as the price bounces off it repeatedly. Despite the previous rejection at the 200-day moving average, Ethereum has formed a new higher low, reinforcing the bullish structure.
What can be expected from the upcoming price movement?
If Ethereum maintains its current bullish structure and breaks the $2,800 level with strong volume confirmation, the likelihood of a rise towards the $4,060 level becomes very probable. Traders should monitor the continued formation of higher lows and a strong daily candle close above resistance to confirm the breakout.