Ethereum recovered by more than 4% on Monday
The cryptocurrency has maintained an uptrend
A break above $1,250 sets ETH to $16,000 with short-term corrections at $1,350 and $1,450
Relief rallies are here, and even before we go further, Ethereum (ETH/USD) is back above $1,300. To a crypto native, this price level should inform you that Ethereum has overcome a resistance hurdle at $1,250. We have seen it happen before, cryptocurrencies breaking key levels and crashing below them afterward. That’s when you recognise how volatile digital assets are. But of course, you do not want to miss on slight opportunities as they emerge, and Ethereum could be one of them.
Trading up 4.66% as of press time, Ethereum was again showing why investors should never lose hope. Ethereum has been regarded as the home of decentralised finance and non-fungible tokens. Analysts expect these two nascent sectors to continue growing despite getting it rough in 2022. So, timing your investment in Ethereum is all you need, both short and long-term. But is the recent rally an indication of the start of a bullish market?
We would be too cautious about calling a bullish market for Ethereum and any other crypto now. However, as ETH price action shows, $16,000 could be the inevitable target only if…
Ethereum price outlook and analysis
Ethereum’s price outlook shows it has overcome resistance at $1,250. The momentum has increased significantly since the breakout. The moving averages now support the price, with the 20-day MA attempting to close above the 50-day MA. Ethereum has maintained movement above the short-term ascending trendline and trades with higher highs and higher lows.
What next for ETH?
Ethereum price is set for the $1,350 level in the current bullish run. A break above this zone will see buyers target $1,450 next. Still, we set a price target at or above $1,600, the established resistance. For ETH to hit the price level, bulls must keep price above the ascending trendline and moving averages. However, short-term corrections are expected at the near-term resistances of $1,350 and $1,450.
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