ETH Price Prediction: Amid the latest crypto market surge, Ethereum, the second-largest cryptocurrency, experienced a notable influx, climbing from $2270 to $2492 within a week for an almost 10% increase. This rally broke through the neckline resistance of the ascending triangle pattern, signaling that the ETH price is set for further growth.
Also Read: Ethereum Price Rally: Experts Foresee ETH to $4,887 by 2024, $19,190 by 2030
Bullish Pattern Sets ETH Price Rally to $2700
ETH Price Prediction| Tradingview
Amid the last two weeks of consolidation, the Ethereum price formed a bullish continuation pattern called an ascending triangle in the daily chart. Utilizing the pattern’s support trendline, altcoin surged 14% within three weeks to currently trade at $2493.
On February 7th, the coin price gave a decisive breakout from the $2390 neckline resistance, signaling the end of the correction trend. With sustained buying, the ETH price is likely to rechallenge the $2700 swing high.
However, despite a 0.32% gain, the daily candle shows a notable price rejection on the upside, indicating the possibility of a minor retest. This pullback can provide an entry opportunity for bullish traders.
Also Read: Ethereum Dencun Mainnet Upgrade: ETH Breaks $2,500 As Geth Releases Crucial Update
Is Ethereum (ETH) Currently Undervalued?
In Finder’s latest Ethereum Price Prediction, Pedro Febrero, VP of Web3, si at RealFevr, highlighted the price correlation between BTC and ETH, emphasizing that Ethereum’s advanced features compared to Bitcoin suggest ETH is presently undervalued relative to BTC.
“Ethereum still remains the most widely adopted ‘world computer,’ and its EVM the most popular development environment,” shares Febrero. “At the moment, [ether is] immensely underpriced vs. bitcoin; therefore, I expect a massive swing up in ETH/BTC once the market understands its capabilities (DeFi, NFTs, gaming, gambling).”
- Bollinger Band: The uptick in the upper boundary of the Bollinger Band indicator reflects the aggressive buying trend in the market.
- Average Directional Index: The rising ADX value at 16% reflects the buyers have sufficient momentum for high growth.
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