ETH Price Analysis - This May Be the Next Target for ETH Bull

ETH, along with BTC, has been moving north for 2 weeks. The price of Ethereum increased by another 14% over the past week and currently stands at $3,290.

 

ETH 2.0 might be the catalyst for the bullish run this turn.

Mr. Tim Beiko, high-profile Ethereum (ETH) developer and researcher, has published a summary of All Core Devs (ACD) meeting #10. The document describes the latest progress on pre-Merge testnet Kiln and the next steps in Ethereum (ETH) development.


And Ethereum (ETH) engineers started working on the Shanghai upgrade. Its agenda includes the introduction of EVM Object Format or EOF, a new type of smart contracts with advanced functionality.

 

The activation of Shanghai will implement  EIP-4895, which enables Beacon Chain withdrawals. The partial withdrawal option will allow Ethereum (ETH) stakers to withdraw rewards, leaving 32 ETH deposits untouched.

 

Technical Analysis

Crossing the psychological resistance at $3,000 was an outstanding achievement for the bulls, marking a decent recovery of about 50% of the downtrend since reaching the all-time high. What's next?

 

On the weekly price chart. Here we see that a Bullish Divergence has almost formed between the price chart and the RSI and MACD indicators. This is a fairly strong signal that the bears are losing power, and that bulls are ready to control the market again.

 e1.png

 

Let's move on to the daily price chart. It is clear that the price has already approached the resistance level for the third time and it seems that the Bulls will attempt to clear the obstacle this time.

 

We can see that the price has been heading higher and higher with almost no pullbacks, which means that bulls are so strong. In addition, the signal line of the RSI indicator has not even reached the overbought zone yet, which means that the price still has room to increase. And the histogram of the MACD indicator, which is now in the positive zone and also indicates the presence of a Bullish trend.

 

Resistance: $3,500, $3,700, $4,000

Support: $3,100, $2,800, $2,500

e2.png


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