- Ethereum hits fresh 22-month high
- Firm uptrend on D1 & H4 timeframe
- Strong weekly support at 3216.64
- Potential impulse wave on H4 charts
- Next weekly bullish target at 3572.61
The world’s second-largest cryptocurrency is on a tear!
Ethereum jumped to a fresh 22-month high on Wednesday thanks to the growing bullish market sentiment in the crypto space.
With prices trading above $3300 as of writing, further gains could be on the horizon due to anticipation over the ‘Dencun’ upgrade and potential approval of spot Ethereum Exchange-Traded Funds (ETFs).
Note: The ‘Dencun’ upgrade for Ethereum is expected to go live on March 13. It aims to improve the cryptocurrency’s scalability and efficiency. Should this result in increased demand, this may push prices higher.
Focusing on the technical picture...
Ethereum broke through a weekly resistance level yesterday. This is the result of a strong uptrend that started on 25 January and has been running with little interference from the bearish side.
A weekly resistance turned support level at 2877.42 did cause a short pause but the bulls quickly overcame that and showed their strength again. The same thing seems to be in store with the weekly resistance turned support level at 3216.64 and this produces opportunities in the lower time frame.
On the 4-hour chart, a strong uptrend can also clearly be seen with a potential new impulse wave in action. The short cycle Stochastics Oscillators as well as the longer price cycle Moving Average Convergence Divergence (MACD) Oscillators confirm the upward run and the target for any long positions taken by traders can be the next weekly resistance level at 3572.61.
