Since early February, Ethereum has been moving in a powerful upward trend within an ascending expanding channel, highlighting the trend’s strength. On the last day of the previous month, a crucial $3,500 level was breached, setting a new high at $3,540, after which the price entered a slight consolidation phase. Currently, the necessary liquidity is being gathered for the continuation of the trend movement.
ETH fully justifies its title as the “Main Altcoin,” paving the way for other assets which have finally started to see active movements recently. It’s highly likely this trend will continue.
Technically, there are 2 possible scenarios from the current position:
- Continuation of growth without significant corrections.
- A retracement to retest the trend line from below and resume growth from around ~$3,200. Both scenarios are bullish and lead to the next growth target of $4,000+
A break below the trend line and a drop below $3,000 is an unlikely scenario, so I recommend everyone who wants stable growth of their portfolio to buy ETH on spot with available funds.
I’ve also attached the ETH/BTC chart (second screenshot) — here we see a beautiful bullish channel that has been ongoing for one and a half years on such a senior TF (1W-weekly) which with a 99% probability will work upwards. What does this mean? It means that the long-awaited new Era — the Era of Ethereum is about to begin! The wait is almost over (we’re just a step away)
To summarize: the medium-to-long-term outlook for ETH is exceptionally positive. I believe we’ll soon see Ethereum reaching $4,000 and $5,000, with its market capitalization only growing. Remember, this is the TOP-1 blockchain, on which the most fundamentally powerful projects of this market are built, including those from the DeFi sector, which is currently leading the market.