The post Ethereum Price Shows Potential for Bullish Breakout: When and How? appeared on BitcoinEthereumNews.com.

Ethereum (ETH) price is showing signs of a potential bullish breakout as it continues to consolidate within a falling wedge pattern. Currently priced at $2,771.52, Ethereum has seen a slight price increase of 0.59% in the last 4-hour period. Ethereum Price Falling Wedge Pattern Suggests Upside Potential In the last chart of its trading price, Ethereum has been in a Falling Wedge formation and the pattern attached with it shows a bullish nature. The pattern that is formed is that there are two rising lines. One for price and the other for volume where the price makes lower high and low progressively. The narrowing range of the wedge suggests that selling pressure is beginning to weaken, with the potential for a breakout to the upside. For a bullish scenario to unfold, Ethereum would need to break above the upper trendline of the wedge with strong volume.  A breakout at this point will probably take ETH down to $3,000 range in line with the conventional falling wedge pattern. The target level is determined through the estimation of the width of the wedge and extending it up from the breakout point. Although it has risen rather gradually, Ethereum may still surge to the price, supporting the bull run. Key indicators, such as the Money Flow Index (MFI), also support a positive outlook. The MFI, which is currently at 59.46, indicates that buying pressure is slightly outweighing selling pressure. – Advertisement – 4-hour ETH trading chart| source trading chart Also, the Relative Strength Index (RSI) that depicts the strength of price activity is at the value of 64.00. Therefore, it can be concluded that Ethereum is in an uptrend. The upward movement has more chances compared to the bearish one. These are not conclusive in any way, but they co-relate with the probability of…

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Filed under: News - @ February 17, 2025 10:26 pm