ADVERTISEMENT

Traders state $4,000 Ethereum back on the cards ‘if’ this bullish chart pattern plays out


Global and macroeconomic issues varying from increasing inflation rates in the United States to the possibility of Russia attacking Ukraine continue to stimulate volatility in monetary markets.

To the surprise of lots of experts, the state of mind in the cryptocurrency market moved in a favorable instructions on Feb. 15 after Bitcoin (BTC) reached $44,500 and Ether (ETH) gained back assistance at $3,100.

Data from Cointelegraph Markets Pro and TradingView reveals that after bouncing off a low of $2,826 in the early trading hours on Feb. 15, the rate of Ether rallied 11.4% to a daily high of $3,148.

ETH/USDT 4-hour chart. Source: TradingView

Here’s a take a look at what a number of traders in the market are stating about the current rate action for Ether and what to be on the lookout for in the weeks ahead.

Ether remains in a heavy resistance zone

The stiff resistance dealing with Ether was resolved in a tweet by independent market expert Michaël van de Poppe, who posted the following chart describing the significant assistance and resistance zones for the leading altcoin.

ETH/USDT 1-week chart. Source: Twitter

van de Poppe stated,

“Ethereum, just like Bitcoin, was rejected at weekly order block and heavy resistance zone, ending up in a red candle for the week. With the uncertainty arising for the coming week, I’m not expecting this to break and expecting lower tests.

Bulls could exploit the inverse head and shoulders pattern

A more positive take on the path ahead was offered by crypto trader and pseudonymous Twitter user ‘Phoneix’, who posted the following chart providing one possible trajectory for the price of Ether.

ETH/USDT 4-hour chart. Source: Twitter

Phoenix said,

“We’re going to play Ether this way, right?”

Related: Bitcoin spikes to $44.5K in the middle of fresh caution over ‘extremely high’ stocks connection

Bitcoin and Ether have comparable day-to-day charts

A last little bit of insight into the long-lasting rate structure for Ether was resolved by trader Glen Goodman, the author of The Crypto Trader. Goodman posted the following charts comparing the development of an inverted head and shoulders development on the BTC and Ether charts, keeping in mind that the “head & shoulders patterns are nearing completion.”

BTC/USDT vs. ETH/USD 1-day chart. Source: Twitter

Goodman stated,

“A number of concerns – the patterns are a bit sloping and irregular…..and likewise there’s the little matter of Ukraine. Wars tend to screw up great chart patterns.”

The overall cryptocurrency market cap now stands at $1.978 trillion and Bitcoin’s dominance rate is 42.2%.

The views and viewpoints revealed here are entirely those of the author and do not always show the views of Cointelegraph.com. Every financial investment and trading relocation includes threat, you ought to perform your own research study when deciding.