Ethereum price targets $780, while these 3 indicators don’t rule out an imminent market correction
While the whole world is following the Bitcoin price, it is worth looking left and right from time to time because of the high correlation between most cryptocurrencies. In the case of Bitcoin, of course, the only way to look is down, and the first thing we see there is Ethereum. Therefore, we want to Bitcoin Era dedicate ourselves today to an extensive Ethereum price analysis in order to filter out as much as possible how the crypto market is currently doing. We want to look at the current upswing in ETH from two different directions.
It will be interesting, as both perspectives weight opposing scenarios differently. According to the bullish view, the Ethereum price is already targeting $780. The bearish view, on the other hand, sees a price collapse to as low as $455 still within the realm of possibility.
In this analysis, I will show that both views are justifiable variants with valid arguments according to technical chart analysis. Which of the two variants is the more likely one, we will try to weigh at the end. 780$ or 470$ – What will it be? Let’s find out together!
Ethereum price of 780$ or more
Because it currently fits so well with the mood of the market, we first turn to the bullish perspective for the Ethereum price.
On the daily chart, an ascending triangle can be read out based on the price movements, which is considered a reliable and bullish pattern. With the help of this bullish pattern, one could theoretically have also predicted the recent upward breakout of the Ethereum price.
At first glance, the pattern appears to be the ideal type. The horizontal upper trendline was a clear resistance, while the upward trendline has been the support line for the Ethereum price. Together they form the ascending triangle.
Both trendlines are also touched often enough by the price and the volume development also seems to fit the pattern perfectly. After the breakout, the Ethereum price also seems to have already converted the upper trend line into its new support line. So you could say that everything is currently going according to the textbook.
Ethereum price forecast, ETH price
As I have already drawn in the chart above, the chart formation can be used to calculate a minimum price target. We obtain this by measuring the height of the formation and then projecting it onto the upper horizontal trendline. This gives us the minimum price target of $780 for the Ethereum price.
In an ascending triangle, the minimum price target is reached 89% of the time after the breakout. In other words, according to this chart formation, a further price increase for ETH of 20% or more is very likely.
So much for the bullish view of current events. Now let’s take a look at a slightly more pessimistic view of the current situation.