Summary:
Ethereum (ETH) price surged by 10%, breaking through the $3,550 resistance.
SuperTrend buy signal has returned, suggesting a potential rise to $7,500.
Tony Severino predicts another 120% rally could mirror past performance.
Technical indicators support a bullish outlook; ETH remains above $3,250.
Current trading price of Ethereum is $3,590, with a potential peak in mid-2026.
The Ethereum (ETH) price recently surged by approximately 10%, swiftly breaking through the $3,550 resistance zone. This bullish movement has triggered a SuperTrend buy signal, raising the possibility of Ethereum replicating its past performance and potentially reaching the $7,500 price level.
Significance of the SuperTrend Buy Signal
Renowned crypto analyst Tony “The Bull” Severino highlighted the importance of the reemerging SuperTrend buy signal on Ethereum's price chart, observed on the weekly candlestick timeframe. This indicates that the projected bullish surge is expected to unfold over a more extended period.
Severino emphasized the historical impact of this signal, noting that Ethereum rallied 120% after the buy signal earlier in 2023. He predicts a similar rise could bring the price to $7,500 based on today's signal.
The SuperTrend indicator has proven reliable in guiding traders, having previously signaled a buy when Ethereum was trading around $1,300 earlier this year. After a brief dip, the price surged by around 170%, validating the SuperTrend's effectiveness.
Technical Analysis Supports a Bullish Outlook
In addition to the SuperTrend, other technical indicators bolster the bullish outlook for Ethereum. The price has maintained above $3,250, edging closer to resistance zones near $3,685. The Relative Strength Index (RSI) is around 50, suggesting that Ethereum is not yet overbought, while the Moving Average Convergence Divergence (MACD) indicates increasing bullish momentum.
As of now, Ethereum is trading at $3,590, having peaked at $3,682 within the last 24 hours. If the current bullish trend continues, Ethereum could potentially reach its peak around mid-2026.
Source: X
ETH price rises above $3,600 | Source: ETHUSDT on Tradingview.com
Comments