Ethereum is on a bullish streak, targeting a 10% surge. Recent charts and analysis suggest that ETH is primed for significant upward movement backed by technical indicators. A post by VeLLa Crypto, a popular analyst, highlighted this potential pump aiming for the $3700 mark, pointing to the strong buying pressure and key resistance levels.
At press time, Ethereum was trading around $3,424.28, marking a daily increase of 1.10%. This recent price action indicates strong bullish momentum. The price has been steadily climbing from a low around $2,884. The technical charts indicate significant buying interest pushing the price higher. Key support levels around $3321.99 have been holding firm. This stability provides a solid foundation for further gains. The resistance level at $3701.28 is the next target, as highlighted by the bullish trends.
Recent candlestick patterns on the daily chart support this bullish outlook. The candlesticks show strong buying pressure, indicating increased investor confidence. The moving averages, likely the 50-day and 200-day which provide short-term and medium-term support, suggest a potential bullish crossover. This crossover is a key indicator of continued upward movement. The technical indicators align with VeLLa Crypto’s prediction of a pump to $3700.
ETH vs BTC: Will Ethereum Outperform Bitcoin After ETF Launch?The Relative Strength Index (RSI) stands at 56.28, indicating room for further growth. The RSI is a measure of market momentum. An RSI below 70 suggests that the asset is not yet overbought, providing space for price increases. This aligns with the current bullish sentiment and the expectation of reaching the $3700 target.
The analyst’s post shows this positive outlook. The charts and technical indicators support this prediction. The key resistance level at $3701.28 is the next hurdle for Ethereum. If the bullish trend continues, this level could be tested and potentially breached. However, if the price fails to surpass this level, a pullback to the support levels is possible.
The charts also show a recovery from previous lows, with a bullish trend evident from the rising candlesticks. Traders should monitor key support levels and moving averages for signs of a trend reversal. However, the overall sentiment remains positive toward the $3700 target.
