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|
|1||BTC||Bitcoin predictions||56.4%||92||$20 277.35||-2.12%||-0.29%||$386 889 430 746|
|2||ETH||Ethereum predictions||57.6%||90||$1 145.31||-3.04%||4.85%||$138 969 035 870|
|3||USDT||Tether predictions||92.4%||1||$0.998764||-0.01%||-0.03%||$66 742 331 401|
|4||USDC||USD Coin predictions||90.8%||1||$1.000530||0.03%||0.05%||$55 832 163 481|
|5||BNB||Binance Coin predictions||56.8%||89||$224.81||-4.04%||4.38%||$36 706 159 546|
|6||BUSD||Binance USD predictions||94.8%||1||$1.000787||0.10%||0.21%||$17 397 351 213|
|7||XRP||XRP predictions||63.2%||80||$0.335982||-2.23%||4.31%||$16 242 394 323|
|8||ADA||Cardano predictions||66%||75||$0.471136||-2.23%||1.44%||$15 987 555 258|
|9||SOL||Solana predictions||67.6%||66||$35.51||-5.44%||2.11%||$12 172 607 058|
|10||DOGE||Dogecoin predictions||62.8%||80||$0.066802||-4.36%||6.01%||$8 862 682 263|
|11||DOT||Polkadot predictions||63.2%||78||$7.30||-3.42%||-2.45%||$7 213 387 817|
|12||DAI||Dai predictions||94.4%||1||$1.000157||0.01%||0.09%||$6 718 514 631|
|13||TRX||TRON predictions||58.4%||91||$0.065880||0.37%||2.62%||$6 093 590 634|
|14||SHIB||SHIBA INU predictions||66.4%||74||$0.000010||-7.02%||4.64%||$5 528 798 046|
|15||LEO||UNUS SED LEO predictions||71.6%||50||$5.75||-1.33%||-2.42%||$5 482 403 972|
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