Ethereum’s price fluctuates around the $2,100 to $2,200 range, attracting significant attention
Despite mixed signals from technical indicators, the increasing trading volume and whale activities boost bullish expectations. Experts suggest that if the resistance level is breached, the altcoin may enter a phase of expansion. The price structure, which has been consolidating for an extended period, aligns with the classic Wyckoff model.
Potential for Rapid Increase if Resistance is Overcome
After a year of sideways movement, Ethereum
$ 2,052 has tested the $2,100 level again. Crypto analysts believe this price action may signal the transition to the expansion phase of the Wyckoff accumulation model. Notably, price declines experienced during manipulation periods have filtered out weak positions, establishing a more robust foundation.
Analyst Ted Pillows highlighted that Ethereum operates within a three-phase model: accumulation, manipulation, and expansion. Emphasizing the end of the manipulation phase, Pillows noted that upward movements could accelerate in the coming days. From a technical standpoint, if the altcoin surpasses the resistance level, it may indeed enter an expansion phase.
The increase in trading volume within the cryptocurrency market and the entry of whales strengthens bullish expectations. Particularly, the heightened interest from large investors adds significance to potential price movements of Ethereum. The flag formations observed in technical analysis also signal that the upward trend could continue.
Technical Indicators and Analyst Insights
On hourly charts, Ethereum’s price is testing the $2,100 level again, recognized as a crucial resistance point. The formation of flag patterns in technical analysis indicates the potential continuation of the upward trend. However, the 14-day EMA and RSI indicators continue to send mixed signals, necessitating caution among investors.
Analyst Michaël van de Poppe stated that if the resistance level is breached, the price could rise rapidly. According to Van de Poppe, while Ethereum consolidates at this stage, investors should closely monitor technical data. Weakness observed in technical indicators suggests that short-term volatility may persist.
Experts emphasize the critical importance of maintaining support levels. If these levels remain strong, Ethereum’s ascent could gain momentum. Investors must remain vigilant against sudden price movements and are advised to closely monitor both technical and fundamental indicators.