Ethereum and Years of Frustration!

[Forum Admin]

Ethereum and Years of Frustration!

 
Over the past four months, Ethereum has demonstrated a strong and promising uptrend, with buyers pushing the price up to a recent high of $3,939. The broader trend remains bullish on higher timeframes, such as the monthly chart. If the critical $3,900 resistance level is broken, Ethereum has the potential to climb further — initially towards $4,090, and in a more decisive move, possibly reaching $4,300.

While altcoins like Ethereum are heavily influenced by the market leader, Bitcoin, trading ETH — the second-largest cryptocurrency — remains a challenging endeavor. Despite strong rallies in recent months, many investors who entered near the end of 2021 are still either in loss or, at best, just breaking even. The failure to surpass previous all-time highs continues to weigh on sentiment, highlighting the need for greater caution and strategic planning when investing in crypto, especially altcoins.

Analyzing the price movement between the $1,389 low and the $4,090 high, a harmonic Bat pattern has formed, effectively signaling a potential price correction. The D point of this pattern has aligned with a descending trendline, adding strength and credibility to the signal. As a result, we’ve already seen a drop from $3,900 to around $3,400.
Given the current lack of strong momentum in Bitcoin and the technical indicators ahead for Ethereum, any further bullish continuation depends entirely on Ethereum establishing firm support above the $3,900 resistance zone.
 

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