Traders believe Ethereum will return to $4,000 “if” this bullish pattern plays out.
Although macroeconomic and global concerns, from rising inflation in the United States to the prospect of Russia invading Ukraine, continue to cause volatility in financial markets, traders said that Ethereum’s (ETH) current rally is pointing to a quick return could lead to $4,000.
To the surprise of many analysts, crypto market sentiment turned positive yesterday (February 15) after Bitcoin (BTC) surged to $44,500 and Ether (ETH) regained support at $3,100.
Data from TradingView shows that Ether price rose 11.4% to an intraday high of $3,185/$ after rebounding from $2,826 on Feb. 15 , Ethereum will return
4 hour frame ETH/USDT price chart | Source: TradingView
Here’s what some traders are saying about Ether’s recent price action and what to watch out for in the coming weeks.
Ethereum is in a strong resistance zone
Independent market analyst Michaël van de Poppe mentioned the strong resistance Ether is facing, outline important support and resistance zones for it.
“Ethereum, like Bitcoin, was rejected in the weekly order block and strong resistance area, ending with a red candle for the week. Given the uncertainty to come over the next week, I don’t think this zone will be breached and will rather test lower levels.”
Weekly frame ETH/USDT price chart | The source: Twitter
The bulls can take advantage of the reverse head and shoulders pattern
Dealer ‘Phoneix’ already show a more positive view pointing a possible evolution of Ether price.
“Ether will play like this, right?”
4 hour frame ETH/USDT price chart | Source: Twitter
Bitcoin and Ether have similar daily charts
One final look at Ether’s long-term price structure was provided by Glen Goodman, author of The Crypto Trader. Gutman was post The charts below compare the formation of an inverse head and shoulders (IHS) pattern on the BTC and Ether charts, noting that the “head and shoulders pattern is about to complete.”
“A bit nervous – the patterns are a little steep and uneven… and there’s also a little problem in Ukraine. Wars tend to mess up nice chart patterns.”
BTC/USDT vs chart. ETH/USD daily frame | Source: Twitter
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