Ethereum Price Ready To Soar 41% To New Record High With $1800 Target

Ethereum is in the midst of a fresh rally to $1,800 after taking back several key levels including the 50 Simple Moving Average on the 4-hour chart and $1,200. The pioneer altcoin is eyeing a fresh all-time high of $1,800 after rising above $1,300. Trading above $1,350 (current 2022 high) would validate the anticipated uptrend to $1,800.

Meanwhile, Ether is trading at $1,300 after breaking above the x-axis of the ascending triangle pattern. Its flagship altcoin has endured a prolonged period of consolidation that began mid-last week. While the price has made a series of higher lows since then, the $1,300 resistance level continues to deny Bitcoin further gains.

Such market behavior led to the formation of an ascending triangle on Ethereum’s 4-hour chart. Horizontal lines can be drawn together swings highs while an uptrend line is created along with higher lows.

The recent spike in buying pressure in bitcoin has allowed it to break through overhead barriers. For now, it could jump up to 41% based on an ascending triangle formation. This target is determined by measuring the distance between the two highest points of the triangle and extrapolating the margin from the breakout point.

The Relative Strength Index seems to have validated the uptrend after breaking out of the leveling move around the midline. The indicator is heading towards the overbought area, as the sellers’ handle is getting stronger. Trading volume also increased as investors increased their positions on Ethereum in anticipation of a gain towards $1,800.

  • Spot rate: $1,330
  • Relative change: 70
  • Percentage change: 5.6%
  • Trend: Bullish
  • Volatility: High

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