The post Where Is ETH Heading Next After Gaining 7% Weekly? appeared on BitcoinEthereumNews.com.

Ethereum has reached a decisional point at the head and shoulders neckline and the 100-day crucial moving average. A potential breakout will likely lead to a significant surge due to a massive short liquidation cascade. The price action in the coming days will play a crucial role in determining ETH’s broader prospects. Technical Analysis By Shayan The Daily Chart Ethereum has reached a decisional point at a crucial resistance region consisting of the Head and Shoulders neckline and the 100-day moving average at $2.7K. The price action in recent days has shown low-volatility sideways movement, reflecting an equilibrium state between buyers and sellers. This indicates indecision in the market, with neither side able to take control. If Ethereum can break above this key resistance zone, it would confirm the completion of the H&S pattern, signaling a potential mid-term uptrend. A successful breakout would also mean the asset reclaimed the 100-day MA, reinforcing bullish momentum. In this scenario, Ethereum’s price could target the $3K threshold, another significant resistance level. However, this area is filled with supply, and a failure to breach it could lead to rejection, stalling any upward movement. Therefore, the upcoming price action will be critical in determining Ethereum’s broader prospects. The 4-Hour Chart On the 4-hour chart, Ethereum exhibits sideways consolidation near the resistance zone bounded by the 0.5 ($2.6K) and 0.618 ($2.7K) Fibonacci retracement levels. This area has been a challenge for buyers, with several previous attempts to break it rejected due to significant selling pressure. Furthermore, a slight bearish divergence is emerging between the price and the RSI indicator, suggesting a gradual increase in sellers’ power. This could indicate an impending rejection at the resistance zone, triggering a decline toward the $2.3K support level. Conversely, a sudden breakout above $2.7K would open the path for further…

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Filed under: News - @ October 20, 2024 6:23 am