Ethereum (ETH) Is 10% Away from Entering New Bull Cycle

• Ethereum has its price testing the January resistance area as support.
• The alt consolidates beyond the parallel channel’s median level.
• A decisive close under $2,300 will cancel this optimistic case.

While writing this post, the Ethereum price hovered around the $2,560 mark. Though the ‘smart contract’ giant has seen pessimism clouding its actions, the 48hr chart still suggests a bullish case in the coming future. The leading alternative coin seems ready to enter a new bullish run soon.

ETH Price Flips Previous Resistance to Support

Ethereum price needs to trigger optimism among enthusiasts, as bulls currently support the alt beyond January’s resistance area. Also, ETH price hovers 10% beyond a channel’s median area. Consolidation beyond the median line might signal risky investors entering early to gain more returns from a price move.

Conservative investors may wait for Ethereum to gain another 10% and overcome the trend-line before executing positions. Bulls producing a breakout on a two-day trend-line might trigger a colossal rally, taking the alt towards the ATH of $4,800, around 80% higher from Ether’s current position.

ETH/USDT 2Day Timeframe

The best invalidation within a trend channel is price falling beneath the median zone. Ethereum bulls need to work all possible ways to prevent a 10% move to $2,300. The bullish run will not emerge if bears dominate the ETH marketplace around the $2,300 low. Such an action would see Ethereum bears eying liquidity below $2.1K and $1.7K, around 30% beneath the current Ether price.

ETH Consolidations

Ethereum managed to create a base beyond $2,520. The alt launched new upswings beyond the vital resistances at $2.6K and $2,620. It also moves past the $2.7K zone. The upside actions had ETH breaking the vital bearish trend-line with a $2,580 hurdle on the 1hr chart. Nevertheless, bulls could not overcome the $2,720 mark, printing a high around $2,733 before declines emerged.

While publishing this content, Ethereum changed hands near $2,675.14. Remember, the altcoin has to overcome $2,685and $2.7K resistances to ensure a stable upward move. Overpowering this level will propel the alt to $2,800.

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