{"id":650880,"date":"2024-10-31T22:30:08","date_gmt":"2024-10-31T22:30:08","guid":{"rendered":"https:\/\/ktsl888.com\/?p=650880"},"modified":"2024-10-31T11:01:51","modified_gmt":"2024-10-31T11:01:51","slug":"ethereum-price-12-weeks-ath","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/ethereum\/ethereum-price-12-weeks-ath\/","title":{"rendered":"Ethereum Price Completes 12 Weeks Of Bottom Formation, Analyst Says Don&#8217;t Aim Lower Than $4,900 ATH"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Technical analysis suggests the days of the Ethereum price consolidation <\/span><a href=\"https:\/\/ktsl888.com\/news\/ethereum\/analyst-says-its-time-to-be-bullish-on-ethereum-as-eth-retests-2700\/\"><span style=\"font-weight: 400\">might be over very soon<\/span><\/a><span style=\"font-weight: 400\">. At the time of writing, <\/span><a href=\"https:\/\/bitcoinist.com\/ethereumbuterin-the-splurge-upgrade\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Ethereum <\/span><\/a><span style=\"font-weight: 400\">is trading with a 0.07% gain in the past 30 days, which reveals the <\/span><a href=\"https:\/\/ktsl888.com\/analysis\/eth\/ethereum-price-gains-2600\/\"><span style=\"font-weight: 400\">current consolidation situation <\/span><\/a><span style=\"font-weight: 400\">it finds itself under.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">However, according to a technical analysis on TradingView, the Ethereum price could be well on its way to reaching a new all-time high after 12 weeks of consolidation.<\/span><\/p>\n<h2>Ethereum Price Completes Bottom Formation<\/h2>\n<p><span style=\"font-weight: 400\">According to a technical analysis of the Ethereum price in the weekly candlestick timeframe, the cryptocurrency is currently in its 12th week of consolidation after a decline that ended in the first week of August. Interestingly, analysis reveals that the consolidation is at the bottom of the lower trendline in a Channel Up trend in the weekly timeframe that started as far back as June 2022.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/news\/solana\/solana-77-price-crash-to-40\/\">End Of The Road For Solana? Analyst Predicts 77% Price Crash To $40<\/a><\/div>\n<p><span style=\"font-weight: 400\">Particularly, a close look at this Channel Up trend reveals that the Ethereum price action has been confined between its upper and lower trendlines in the past two and a half years. Fortunately, the trend is a bullish one with the creation of higher highs and higher lows, which suggests a bullish outlook for the Ethereum price.<\/span><\/p>\n<p><span style=\"font-weight: 400\">As it stands, the Ethereum price <\/span><a href=\"https:\/\/ktsl888.com\/news\/ethereum\/ethereum-whale-activity-spikes-to-6-week-high-smart-money-accumulation\/\"><span style=\"font-weight: 400\">has been on an uptrend<\/span><\/a><span style=\"font-weight: 400\"> since the beginning of the week, essentially <\/span><a href=\"https:\/\/ktsl888.com\/analysis\/eth\/ethereum-price-hurdles-2550\/\"><span style=\"font-weight: 400\">reversing last week&#8217;s declines.<\/span><\/a><span style=\"font-weight: 400\"> Consequently, the price has flipped from bearish to neutral on the weekly outlook and is now moving towards bullish.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The only thing left is for the Ethereum price to keep pushing on this uptrend and flip above the weekly MA50 (50-Day Moving Average). A successful push above this level, according to crypto analyst InvestingScope, would not only signal an end to Ethereum\u2019s prolonged consolidation but also set the stage for a rally toward the channel\u2019s upper trendline.<\/span><\/p>\n<h2>ETH On The Journey To Recording New Highs<\/h2>\n<p><span style=\"font-weight: 400\">As it stands, the 1W Relative Strength Index has already crossed over its MA, lending charge to the momentum. All that&#8217;s left now is an Ethereum price break above the weekly MA50. A break above the MA50 on the weekly timeframe would confirm the shift from consolidation to bullish momentum, draw in fresh buying interest and open up Ethereum\u2019s path to creating a higher high within the Channel Up structure.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/analysis\/xrp\/xrp-price-explosion-above-3\/\">XRP Price Explosion Above $3 Is A Matter Of When, Not If: Analyst Reveals Timeline<\/a><\/div>\n<p><span style=\"font-weight: 400\">The Channel Up structure is structured in such a way that the creation of a new higher high at this point would necessitate a break above the current all-time high of $4,900. A touch of the upper trendline in the Channel Up would see the Ethereum price <\/span><a href=\"https:\/\/ktsl888.com\/news\/ethereum\/ethereum-holds-key-support-to-set-a-6000-target-analyst\/\"><span style=\"font-weight: 400\">peaking above $5,500 <\/span><\/a><span style=\"font-weight: 400\">before undergoing any major correction.<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cWhen that happens, aim for no lower than the All Time High (TP = 4,900),\u201d <\/span><a href=\"https:\/\/www.tradingview.com\/chart\/ETHUSD\/UK1YlEA6-ETHUSD-12-weeks-of-bottom-formation-finally-over-4900-is-next\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">the analyst said<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/p>\n<figure id=\"attachment_650886\" aria-describedby=\"caption-attachment-650886\" style=\"width: 460px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-650886 size-medium\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/10\/Ethereum_4177da.png?w=460&#038;resize=460%2C163\" alt=\"Ethereum\" width=\"460\" height=\"163\" srcset=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/10\/Ethereum_4177da.png?w=512 512w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/10\/Ethereum_4177da.png?w=460 460w\" sizes=\"auto, (max-width: 460px) 100vw, 460px\"><figcaption id=\"caption-attachment-650886\" class=\"wp-caption-text\">Source: X<\/figcaption><\/figure>\n<p style=\"text-align: left\"><span style=\"font-weight: 400\">At the time of writing, Ethereum is trading at $2,631.<\/span><\/p>\n<figure style=\"width: 3286px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/Aa7KC7Bh\/\" alt=\"Ethereum price chart from Tradingview.com\" width=\"3286\" height=\"1450\"><figcaption class=\"wp-caption-text\">ETH price holding $2,600 | Source: <a href=\"http:\/\/Tradingview.com\" rel=\"nofollow\">ETHUSDT on Tradingview.com<\/a><\/figcaption><\/figure>\n<div class=\"disclaimer-shortcode\">Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Technical analysis suggests the days of the Ethereum price consolidation might be over very soon. At the time of writing, Ethereum is trading with a 0.07% gain in the past 30 days, which reveals the current consolidation situation it finds itself under.\u00a0 However, according to a technical analysis on TradingView, the Ethereum price could be well on its way to reaching a new all-time high after 12 weeks of consolidation. Ethereum Price Completes Bottom Formation According to a technical analysis of the Ethereum price in the weekly candlestick timeframe, the cryptocurrency is currently in its 12th week of consolidation after a decline that ended in the first week of August. Interestingly, analysis reveals that the consolidation is at the bottom of the lower trendline in a Channel Up trend in the weekly timeframe that started as far back as June 2022. Related Reading: End Of The Road For Solana? Analyst Predicts 77% Price Crash To $40 Particularly, a close look at this Channel Up trend reveals that the Ethereum price action has been confined between its upper and lower trendlines in the past two and a half years. Fortunately, the trend is a bullish one with the creation of higher highs and higher lows, which suggests a bullish outlook for the Ethereum price. As it stands, the Ethereum price has been on an uptrend since the beginning of the week, essentially reversing last week&#8217;s declines. Consequently, the price has flipped from bearish to neutral on the weekly outlook and is now moving towards bullish. The only thing left is for the Ethereum price to keep pushing on this uptrend and flip above the weekly MA50 (50-Day Moving Average). A successful push above this level, according to crypto analyst InvestingScope, would not only signal an end to Ethereum\u2019s prolonged consolidation but also set the stage for a rally toward the channel\u2019s upper trendline. ETH On The Journey To Recording New Highs As it stands, the 1W Relative Strength Index has already crossed over its MA, lending charge to the momentum. All that&#8217;s left now is an Ethereum price break above the weekly MA50. A break above the MA50 on the weekly timeframe would confirm the shift from consolidation to bullish momentum, draw in fresh buying interest and open up Ethereum\u2019s path to creating a higher high within the Channel Up structure.\u00a0 Related Reading: XRP Price Explosion Above $3 Is A Matter Of When, Not If: Analyst Reveals Timeline The Channel Up structure is structured in such a way that the creation of a new higher high at this point would necessitate a break above the current all-time high of $4,900. A touch of the upper trendline in the Channel Up would see the Ethereum price peaking above $5,500 before undergoing any major correction. \u201cWhen that happens, aim for no lower than the All Time High (TP = 4,900),\u201d the analyst said. At the time of writing, Ethereum is trading at $2,631. Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":646021,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[167,6664,26263,14690,8323,89213,16163,1946,7931,6931,8686,78803],"class_list":["post-650880","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-analyst","tag-crypto","tag-crypto-analyst","tag-crypto-news","tag-eth","tag-eth-news","tag-eth-price","tag-ethereum","tag-ethereum-news","tag-ethereum-price","tag-ethusd","tag-ethusdt"],"acf":[],"yoast_head":"\n<title>Ethereum Price Completes 12 Weeks Of Bottom Formation, Analyst Says Don&#039;t Aim Lower Than $4,900 ATH<\/title>\n<meta name=\"description\" content=\"Technical analysis suggests the days of the Ethereum price consolidation might 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