Ethereum’s price fluctuations may be nearing its end in the short term, indicating a potential start of the much-anticipated major upward move to a new all-time high. Its upside capability to new highs is further supported by bullish indicators and key patterns cited on its chart.
A Rally Incoming For Ethereum Shortly?
In light of waning performance, seasoned technical analyst and trader Titan of Crypto has outlined a promising trend for Ethereum in the short term. The expert’s analysis shows that ETH’s price action remains strong citing a bullish chart pattern, particularly the Symmetrical Triangle formation.
According to Titan of Crypto, the symmetrical triangle pattern is still in play despite fluctuations in the broader crypto market. ETH’s maintenance of the chart formation suggests the possibility of further upside growth shortly.
Presently, the altcoin is sustaining above key support levels like the $2,600 mark as the triangle formation points to a continuation of its renewed momentum. Since such patterns have preceded huge rallies, investors and traders are watching the development closely and how it may impact ETH’s next price trajectory.
Titan of Crypto previously underlined the altcoin’s ability to surge soon, highlighting that Ethereum’s most hated rally is on the horizon. His forecast is based on the heightened sentiment and weak investors’ confidence in ETH, which is currently at its peak FUD. However, once the negative sentiment wears off, he believes that the asset’s “comeback will be legendary.”
Why ETH Remains A Promising Asset
As FUD grows in the market, Titan of Crypto has reminded investors of several crucial factors that solidify Ethereum as a leading asset in order not to be swayed by the noise. One of the factors presented by the expert is that ETH was the first blockchain to successfully introduce smart contracts into the mainstream. Its inception ultimately paved the way for other sectors such as Decentralized Finance (DeFi), Non-Fungible Tokens (NFTs), and more.
Another factor is that ETH continues to foster innovation while holding its position as one of the biggest and most active developer communities in the crypto landscape. Lastly, Titan of Crypto pointed to the Merge protocol, which marked a historic shift to Proof-of-Stake by decreasing energy usage by about 99.95%.
Just as the blockchain boasts notable features, it also undergoes challenging aspects. Despite these promising advancements, ETH still faces setbacks like scaling, gas fees, and competition. This implies that Ethereum is not perfect, rather, it is evolving along with the changing market dynamics.
At the time of writing, Ethereum’s price was trading at $2,701, displaying a nearly 1% UPswing in the last 24 hours. Investors’ sentiment has drifted toward a negative area as shown by a more than 33% decline in trading volume in the past day.
Featured image from Unsplash, chart from Tradingview.com
