Technical analysis too
Most recently, Ethereum took a breather from the dynamic rally from the July low. The investor focus is now on a possible sustainable breakout of the established trading range.
The Ethereum was able to continue its rally from the central support zone at USD 1,700 / 1,730 and work off and overcome the target zone we were targeting USD 2,847-3,000. Most recently, a sideways consolidation between around USD 2,950 and USD 3,340 has shaped the share price. At the start of the week, the coin hit a 3-month high at USD 3,381.
Cops have an advantage
In terms of extent, the breakout from the youngest range cannot yet be qualified as sustainable. However, we believe the technical bias will remain immediately bullish as long as the support at USD 3,127-3,177 is not undercut. If the price can establish itself above the USD 3,400 mark in the coming days, the breakout would be confirmed. If successful, our next target price is USD 3,570. In addition, the analytical minimum price target of the range breakout at USD 3,690 would come into focus.
A slide below critical support at $ 3,127-3,177 would negate the breakout. In this case, the resulting false breakout would bring immediate downside risks towards the lower limit of consolidation at USD 2,950. However, the technical picture would only deteriorate significantly below the broad support zone at USD 2,850-2,950. Then a price setback in the direction of USD 2,410-2,460 would be expected.
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