We’re rooting for you, ETH. One analyst believes that with a triple-support scenario, the price of Ether could head back to $4K.
) looks ready to continue its ongoing rebound move toward $4,000, according to a technical setup shared by independent market analyst Wolf.the role of at least three support levels in pushing the ETH price up by nearly 30% from its local bottom of $2,160. These price floors included a 21-month exponential moving average , the 0.786 Fib level of a Fibonacci retracement graph drawn from $1,716-swing low to $4,772-swing high and the lower boundary of an ascending triangle pattern.
In detail, the IH&S pattern could have Ether form three consecutive troughs, with the middle trough deeper than the other two . Meanwhile, all the troughs will hang upside down below a common resistance trendline, called the neckline. comes as a part of a broader correction that started after ETH reached its record high above $4,850 in November 2021. In doing so, the Ethereum token fell by as much as 55.65% to $2,159 before bouncing upward by 30% to reach its current price levels.
The U.S. central bank's tapering plans have dented investors' appetite for riskier assets, hurting tech stocks, gold and cryptocurrencies. As a result, Ethereum's fundamental outlook risks turning extremely bearish.Nevertheless, retail investors look unfazed by the macroeconomic developments. On Feb. 1, the number of ETH addresses with a non-zero balance reached a new record high of over 74.137 million.
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