Ethereum

Rally

Parabolic

Bitcoin

when

<img fetchpriority="high" width="1600" height="900" src="https://coingape.com/wp-content/uploads/2024/02/ethereum-1.jpeg" class="attachment-full size-full wp-post-image" alt="ethereum price" decoding="async" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2024/02/ethereum-1.jpeg 1600w, https://coingape.com/wp-content/uploads/2024/02/ethereum-1-300x169.jpeg 300w, https://coingape.com/wp-content/uploads/2024/02/ethereum-1-1224x689.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/02/ethereum-1-768x432.jpeg 768w, https://coingape.com/wp-content/uploads/2024/02/ethereum-1-1536x864.jpeg 1536w, https://coingape.com/wp-content/uploads/2024/02/ethereum-1-678x381.jpeg 678w, https://coingape.com/wp-content/uploads/2024/02/ethereum-1-150x84.jpeg 150w" sizes="(max-width: 1600px) 100vw, 1600px">
Ethereum Price: <a href="https://coingape.com/markets/ethereum-price-forecast-4-factors-that-could-push-eth-to-4000-in-march/" rel="noopener noreferrer nofollow">ETH</a>, the second-largest cryptocurrency, experienced significant volatility this week, reflecting the consolidation of Bitcoin prices below $38,000. This sideways movement led to a decrease in bullish momentum across the crypto market, hindering the progress of most major cryptocurrencies.&nbsp;
Despite this, with the Bitcoin price stabilizing above $30,600, ETH witnessed a resurgence in buying interest. This surge pushed ETH’s price beyond the psychological barrier of $3,000. Is this breakout a signal to enter the market?
Also Read: <a href="https://coingape.com/grayscale-eyes-ethereums-parabolic-run-post-dencun-tech-boost/" rel="noopener noreferrer nofollow">Grayscale Sees Ethereum’s (ETH) Parabolic Run Post Dencun Upgrade</a>
<h2 id="b-is-eth-price-ready-to-gain-3500-b">Is ETH Price Ready to Gain $3500?</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/w/WgD3iAcx.png" alt="BINANCE:ETHUSD Chart Image by sahilmahadik07" width="1946" height="937">
 <figcaption class="wp-caption-text">
 Ethereum Price| Tradingview
 </figcaption>
</figure>
The Ethereum (ETH) coin initiated its current recovery trendline in late January when the price showcased sustainability above $2166. This upswing recorded 41% over the past five weeks and reached the current trading price of $3062.
The recovery was spared in response to the Bitcoin price rally, following the massive inflow of funds into the spot BTC ETG. The bull run gained further momentum as the Ethereum network steadily progressed to its much-awaited <a href="https://coingape.com/ethereum-dencun-upgrade-these-six-layer-2-platforms-to-benefit-the-most/" rel="noopener noreferrer nofollow">Dencun upgrade</a> scheduled for implementation at slot 8626176 around mid-March.
<blockquote>
 This week, the <a href="https://coingape.com/price/ethereum/" rel="noopener noreferrer nofollow">Ethereum price</a> traded majorly sideways resonating between the two horizontal levels of $3030 and $2875. Following an aggressive rally, the recent consolidation must have asserted the ETH price to recuperate strength.&nbsp;
</blockquote>
With an intraday gain of 3%, the altcoin gave a decisive breakout from the range’s resistance and reclaimed the psychological level of $3000. If the coin price shows sustainability above the reclaimed level, the buyers may aim for a potential target of $3180, followed by $3280.
Also Read: <a href="https://coingape.com/markets/eth-btc-chart-analysis-is-ethereums-rally-against-bitcoin-ushering-in-the-altcoin-season/" rel="noopener noreferrer nofollow">ETH/BTC Chart Analysis: Is Ethereum’s Rally Against Bitcoin Ushering In the Altcoin Season?</a>
<h2 id="b-channel-pattern-puts-ethereum-price-at-risk-of-new-correction-b">Channel Pattern Puts Ethereum Price at Risk of New Correction&nbsp;</h2>
While the current market outlook for Ethereum seems bullish, a look at the daily chart shows the ongoing rally is strictly following the structure of an expanding channel pattern. With the coin price close to the pattern upper trendline at $3180, the ETH price may face intense supply to trigger a new correction.
<h2 id="strong-technical-indicator-strong">Technical Indicator</h2>
<ul>
 <li aria-level="1">Exponential Moving Average (EMA): A bullish crossover state between the daily <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/" rel="noopener noreferrer nofollow">EMAs</a>(20, 50, 100, and 200) indicates a strong uptrend in action.</li>
 <li aria-level="1">Average Directional Index: The ADX slope at a high of 41% indicates the buyers may soon hit exhaustion and need a minor pull to recuperate strength.&nbsp;</li>
</ul>
The post <a href="https://coingape.com/markets/is-ethereum-price-to-3500-this-chart-offers-insight/" rel="noopener noreferrer nofollow">Is Ethereum Price Heading to $3500? This Chart Pattern Offers Insight</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Is Ethereum Price Heading to $3500? This Chart Pattern Offers Insight

Table of Contents

Coingape News Media

Other articles published on Feb 25, 2024

Is Gemini’s Stance on Gender Pronouns Too Extreme? Social Media Reacts

$BONK & $WIF See Major Losses While $GFOX Pushes Higher

Top 5 Altcoins With a Potential to Rise 50x After Ethereum’s Upgrade

Experts Project Bullish Trend For Rebel Satoshi As The New Memecoin Aims To Outperform BONK And SHIB

Van de Poppe Talks About Bitcoin; Altcoins and the Future of Crypto Markets

Core (CORE) Price Prediction 2025, 2026, 2027, 2028, 2029 and 2030

Join our free newsletter for daily crypto updates!