ETH’s bullish reversal candlesticks form near a strong support confluence, raising anticipations about a sharp upside retracement ahead. Ethereum's native token, Ether (ETH), looks poised to undergo a sharp upside retracement in the coming weeks after painting a so-called "double Doji" pattern, accompanied by a few bullish technical indicators.
To recap, a Doji is a candlestick that forms when a financial instrument opens and closes around the same level on a specified timeframe, be it hourly, daily or weekly. From a technical perspective, a Doji represents indecision in the market, meaning a balance of strength between bears and bulls. So, if a market is trending downwards when a Doji appears, traditional analysts view it as a sign of slowing selling momentum. As a result, traders may look at a Doji as a sign to existing their short positions or open new long positions in anticipation of a price reversal.
Meanwhile, a double Doji shows a continued state of bias conflict among traders, which could result in the price breaking out in either direction. With ETH/USD forming a similar pattern on its weekly chart, the token looks ready to log strong trend-defining moves in the coming sessions.
Some of Ether's technicals favor a decisive rebound move, beginning with its 200-week exponential moving average (200-day EMA; the blue wave in the chart above) near $1,625, which has served as a strong support level in May 2022. Next, Ether gets another concrete price floor in the $1,500–$1,700 range, which was instrumental in capping the token's bearish attempts between February and July 2021. Coupled with a double Doji, these technical indicators anticipate a price rebound ahead.
If ETH price rebounds as described above, then the next bullish target is the 0.5 Fib line (near 2,120) of the Fibonacci retracement graph, drawn from the $85-swing low to the $4,300-swing high. That would mark a 20% upside move. Meanwhile, an extended move above the 0.5 Fib line could have traders eye the 0.382 Fib line near $2,700 as their next upside target, a level coinciding with ETH's 50-week EMA (the red wave), by the end of September 2022. This would be a nearly 50% price rally.
Conversely, if the double Doji pattern resolves in a breakdown below the support range, it could push Ether toward $1,400. This level coincides with ETH's 2018 top and was instrumental as a support in February 2021, as shown below.
A decisive breakdown below $1,400 then opens the door to the 0.786 Fib line near $1,000 as the next downside target.
# | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
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Bitcoin predictions | 92.8% | 8 | $38 049.07 | 0.02% | 1.93% | $744 145 379 651 | ||
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Ethereum predictions | 84.8% | 28 | $2 092.71 | 2.58% | 1.36% | $251 622 486 305 | ||
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Tether predictions | 96% | 1 | $1.000142 | 0% | -0.01% | $89 364 450 067 | ||
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Binance Coin predictions | 84.8% | 26 | $229.06 | 0.07% | -2.46% | $34 747 597 030 | ||
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XRP predictions | 82% | 34 | $0.610783 | 0.30% | -1.73% | $32 914 217 020 | ||
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Solana predictions | 62.4% | 81 | $60.78 | 0.53% | 6.04% | $25 777 804 384 | ||
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USD Coin predictions | 94% | 1 | $0.999928 | 0% | -0.01% | $24 545 113 731 | ||
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Cardano predictions | 75.6% | 44 | $0.379472 | -0.47% | -4.04% | $13 398 412 920 | ||
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Dogecoin predictions | 74.8% | 45 | $0.083974 | 3.08% | 8.82% | $11 928 499 834 | ||
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Lido stETH predictions | 94% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 | ||
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TRON predictions | 83.6% | 21 | $0.103650 | 0.33% | 1.48% | $9 176 911 207 | ||
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Wrapped TRON predictions | 86.4% | 24 | $0.102253 | -0.90% | 0.14% | $9 053 243 756 | ||
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Toncoin predictions | 81.2% | 28 | $2.42 | -0.79% | -0.78% | $8 316 953 697 | ||
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Avalanche predictions | 57.6% | 90 | $22.32 | 4.25% | 7.56% | $8 148 348 255 | ||
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Chainlink predictions | 70.8% | 55 | $14.61 | -0.07% | 1.52% | $8 132 814 301 |
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