Market Spotlight: Ethereum Heading to 1st Target

36751 market spotlight ethereum heading to 1st target

ETH Breaks OutThe resolution from the recent triangle formation highlighted in ETH has seen price triggering the breakout play through 3310.5. The continued recovery in risk appetite, particularly in tech stocks, has helped crypto assets perform much better over recent weeks. With both MACD and RSI bullish here, the market looks primed for further upside while we hold above the broken triangle top. ETH is on course to test the initial target at 3707.5 with 4149 the next upside target thereafter. Price has already retested the broken 3310.5 high, which is holding as support for now in a positive sign for bulls.Keep An Eye OnFor now, cryptos are broadly tracking the rebound in risk assets. With equities pointed higher and commodities receiving a boost also, the near-term outlook looks positive. However, given how precarious the situation in Ukraine is, particularly following the weekend news of the Bucha atrocities, traders must continue to monitor incoming news flow which might see current conditions altered at a moments notice.In terms of crypto specific news, Ethereum is soon to undergo a significant upgrade which will dramatically reduce ETH issuance, by as much as 90%, driving up the value of existing units. There have been major bullish price forecasts linked to the upgrade with Arthur Hayes, BitMEX founder, calling for ETH to end the year north of $10k.

Source: Tickmill

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