Ethereum’s price could easily double as the long-term outlook for the cryptocurrency is bullish
The price of the cryptocurrency ETH (Ethereum) has formed a chart on the weekly chart indicating a bullish outlook for a 97% rally.
Ethereum price course continues to consolidate and finds reliable support above $ 4000 USD. The ETH cryptocurrency appears to be preparing for a massive bull run, as a technical pattern suggests that the second-largest cryptocurrency by market capitalization seeks to double in value over the long term.
Ethereum Cryptocurrency Price Targets $ 10,000 USD
Ethereum price printed a bullish pennant pattern on the weekly chart, suggesting that ETH cryptocurrency is considering higher prices. The dominant chart pattern suggests that if the token crosses above the upper limit at $ 5,252, a 97% rally to $ 10,418 is on the radar.
Ethereum weekly chart (ETH / USDT)
The first Ethereum price resistance area appears to be at $ 4,211 USD, where the 50-day Simple Moving Average (SMA) and the Fibonacci retracement level of 78.6% coincide. Additional resistance will appear at the 21-day SMA moving average at $ 4,421.
The all-time high in ETH cryptocurrency price of $ 4884 USD will be an additional hurdle for Ethereum price, but breaking above that level could dispel further bullish intentions.
If the price of Ethereum manages to overcome the resistances mentioned above, the cryptocurrency ETH could target the last remaining hurdle before the bullish outlook is validated, at the upper limit of the bullish flag at $ 5,252 USD. The 97% rise to $ 10,418 would then be on the radar, but the token would face several hurdles, including the 127.2% Fib retracement level at $ 5762 USD, then the 161.8% Fibonacci retracement level at $ 6866. USD.
ETH every day
Ethereum Daily Chart (ETH / USDT)
However, if the Ethereum price faces profit taking, the cryptocurrency ETH it would uncover the first line of defense at the September 3 high of $ 4,020, then the October 16 high of $ 3,962. The lower bound of the ruling technical model at $ 3,917 USD, coinciding with the support line given by the Dynamic Reversal Indicator (MRI).
Investors should note that if the Ethereum price falls below the aforementioned starting point, the bullish thesis may be invalidated and the cryptocurrency ETH may continue to fall as it seeks reliable support for the $ 100-day SMA moving average. $ 3762, then at the 61.8% Fib retracement level at $ 3675.
By Sarah Tran, FXStreet
Sarah has closely followed the growth of blockchain technology and its adoption since 2016. She worked at a crypto custody and crypto exchange, and prior to writing for FXStreet, she was a writer and content strategist at Blockchain News.
The opinions and opinions expressed here are solely those of the author and do not necessarily reflect the views of Forex Quebec. Every investment and business move carries risk, you should do your own research when making a decision.
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