Ethereum (ETH) Bounces Back to Trade Above $4K Barrier
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- Ethereum’s consolidation may last until mid-2022.
- Cowen says that Ethereum has been consolidating since early 2021.
Ethereum (ETH) has gained 3% in the last 24 hours to recapture the $4,000 threshold as the market goes green. Ethereum is trading around $4,033. Bitcoin (BTC) is up 3.64 percent, recovering $48,000, while Cardano (ADA) is up $0.35 percent to $1.26.
Since December 1, Ethereum has been trading in a downward channel. The resistance from the upper border of the falling channel around $4,060 prevented the December rebound off the support line; signaling bears are selling rallies.
With the latest increase, the ETH price has broken over the previous barrier, trading above both the upper channel border and the $4,000 psychological mark. This confirms a bullish breakthrough that will likely take Ethereum to the $4,400 mark. But first, ETH must clear substantial resistance at $4,307 from the 200-day Simple Moving Average (SMA).
Analyst Views for 2022
Many analysts have put forward their forecasts for 2022, including cryptocurrency expert and trader Benjamin Cowen. In a new strategy video, Cowen tells his YouTube subscribers that Ethereum has been consolidating since early 2021.
Cowen compares Ethereum’s ongoing consolidation phase to its time in a 2x window in 2016. For most of 2021, the price of ETH has been between $2,000 and $4,000, compared to $8 to $16 in 2016. Ethereum’s consolidation may last until mid-2022, but a breakthrough is more probable.
According to CoinMarketCap, the Ethereum price today is $4,018.24 USD with a 24-hour trading volume of $21,417,493,036 USD. Ethereum is up 4.95% in the last 24 hours.
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