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Cryptoknowmics 2022-08-13 07:23:56

ETH Technical Analysis: Bullish Patterns Shows A 50% Jump Potential

The ETH price action shows a bull run breaking multiple resistance levels and reaching the $2000 mark. But will this uptrend exceed the 200-day SMA? Key Technical Points: The Ethereum (ETH) price has increased by almost 93% in the last month. The increasing possibility of a bullish crossover of the 50 and 100-day SMA reflects solid underlying bullishness. With a market cap of $243 billion, the intraday trading volume of Ethereum has decreased by 10% over the last 24 hours to reach $18.70 billion. Past Performance of ETH As mentioned in our previous article, the Ethereum (ETH) price trend breaks above the $1775 resistance level resulting in a price jump above the $1900 mark. As we predicted earlier, the uptrend may shortly reach the bullish milestone of $2000, accounting for a price jump of 16%. Furthermore, the streak of four continuous bullish candles reflects an improvement in the underlying bullishness. Source – Tradingview ETH Technical Analysis The bullish reversal in ETH prices from the bottom support at the $1000 mark prepares a rounding bottom pattern formation in the daily chart. With a neckline at $2160, The bullish pattern shows potential to drive the uptrend to the $3000 mark upon a bullish breakout. The trend drives the market price closer to the 200-day SMA resulting in a higher likelihood of a bullish crossover between the 50 and 100-day SMA. The recent merger between the fast and slow lines regain the bullish a...

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