Ethereum’s Potential Move and Current Trajectory
Ethereum appears to be gearing up for a significant shift as the Libra formation is still active on the weekly chart. While confirmation of this movement isn’t guaranteed, the structure remains intact, suggesting that an upward movement is possible. With crucial resistance levels ahead and momentum showing signs of stabilization, ETH might be at a crucial juncture for its next major directional change.
Ongoing Bullish Outlook with Libra Formation
On the X Platform, Camille Ouray noted that Ethereum is currently shaping a Libra pattern on the weekly chart. This bullish formation is still in play, as the weekly candlestick hasn’t closed yet, leaving the scenario valid for the moment.
Recent insights suggest that if a reversal occurs, it could pave the way for a price peak of $4,956. However, significant resistance might be encountered, particularly around the $3,445 mark. Camille Ulay pointed out that closing above $2,475 would serve as the initial technical indicator of strengthening upward momentum, supporting the continuation of any recovery. On the flip side, if ETH struggles to maintain a position above this level, it might hinder progress and expose prices to potential declines.
Since this Libra pattern is evolving over a weekly timeframe, it would only be deemed invalid if Ethereum dips below the $1,388 low, which emphasizes the long-term implications of this development.
Recent Rise in Ethereum Price
Currently, Ethereum is trading around $2,086, which shows a robust increase from roughly $1,730—a rise of about 22% without any notable corrections. This sharp ascent raises the possibility of some short-term profit-taking, as such movements often lead to a touch of selling pressure as the market cools off.
Can Özsüer mentioned that any selling from this region is expected to be mild rather than aggressive. Ideally, a pullback zone would be in the $1,950 to $2,000 range, allowing for a price reset without jeopardizing the overall bullish structure. A dip into this area might be healthy and set the stage for further upward movement.
If this corrective pattern unfolds, the next target could be around $2,200. However, if the price moves directly toward this target without a rebound, a strategy adjustment is necessary. In such cases, pursuing long positions becomes less appealing as hitting the target could trigger a more substantial sell-off. Can Özsüer advises that if a correction does occur, taking a long position during a pullback is the more favorable strategy.
