The latest ETH Bullish indicators show the asset is ready to start an upward price action, by breaking out of the consolidation pattern. In today’s Ethereum price news, we take a closer look at the price analysis.
Ethereum’s target is set at $265 but the demand is yet to pick up after the breakout. The low levels of volatility also affected the number of ETH-related mentions on social media platforms but Ether’s network growth is increasing as well, which could lead to substantial gains. Despite the price action last week, the ETH bullish indicators show that the buying signals for Ethereum continue to surge. Ethereum was contained in a descending parallel channel in June but the asset managed to increase to the upper boundary of the technical formation as the price got rejected by the barrier and dropped towards the lower boundary.
The smart contract giant bounced back up to the resistance which is consistent with the characteristics of a channel. An increase in the buying pressure behind Ether allowed it to break out of the descending parallel last week. The buy-pressure was weak and the price dropped. ETH is trading above the upper boundary of the channel and with sufficient consolidation this could create an overhead resistance level if there’s no uptick in demand. One strategy that the analysts make is to draw a parallel line that is equal to the height of the channel to use it as a target level when an asset breaks out of the channel. Ethereum could advance as far as $265 if the demand increases.
Ethereum seems to be on the brink of a bullish breakout as traders shift their focus to the lower-cap altcoins. The data shows the number of ETH-related mentions across social media networks dropped over the past few days. The negative sentiment is likely due to the price action but the outcome could bring joy to the bulls according to Brian Quinlivan, the social media director of Santiment:
“With enough people ignoring ETH while keeping their eyes on smaller caps, there will be an opportunity to catch the crowd off guard to make whale investors maximize their gains when they finally make their moves.”
The rate at which the ETH network is growing only adds more likelihood to the bullish outlook. The fundamental metric is one of the most important signs for learning the health of a crypto project.
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