Noted cryptocurrency trader Jelle has sparked excitement in the Ethereum (ETH) community with a detailed analysis suggesting a significant price surge is imminent. Jelle identifies a classic Wyckoff reaccumulation pattern playing out over the past three years, indicating ETH is nearing a breakout.
Wyckoff Accumulation Pattern
Jelle’s analysis focuses on key phases within the Wyckoff pattern. The initial Preliminary Support (PSY) phase established a base around 0.030 BTC, where significant buying interest emerged. This was followed by the Automatic Rally (AR), driven by strong buying pressure, pushing ETH’s price to 0.045 BTC. The rally culminated in a Buying Climax (BC) at 0.085 BTC before a pullback.
The subsequent Secondary Test (ST) saw the price drop to 0.065 BTC, confirming the support level. The Upper Trading Range (UT phase B) followed, with prices consolidating between 0.065 BTC and 0.080 BTC. This period suggests selling pressure was being absorbed, hinting at a potential breakout.
The Final Stages: Accumulation and Breakout
The Distribution Schematic phase involved a descending trendline, marking the final stages of accumulation. The Spring phase, around 0.048 BTC, involved a brief price dip to test support levels before a rebound. The recent price movements indicate a rebound from this support, setting the stage for a potential upswing.
Also Read: Ethereum ETFs Nearing Launch: Up To $15 Billion Inflows Expected In 1st 18 Months
Jelle’s Ethereum Price Forecast: Bullish with a Caveat
Jelle identifies the current price action as the Test phase, confirming support around 0.053 BTC. This phase is crucial as it validates the spring before the next rally, potentially targeting resistance levels. The anticipated launch of spot ETFs in the coming weeks could bring substantial institutional investment, fueling Ethereum’s rise.
However, despite the bullish Wyckoff pattern, some technical indicators currently paint a bearish picture. Daily indicators like EMAs and RSI suggest a downtrend. While ETH faces downward pressure, Jelle predicts a short-term rise to 0.090 BTC, followed by a longer-term target of 0.125 BTC. The future looks promising for ETH, with the potential for a significant upswing as institutional investments and spot ETFs arrive.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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