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||92.8%||8||$38 049.07||0.02%||1.93%||$744 145 379 651|
|2||ETH||Ethereum predictions||84.8%||28||$2 092.71||2.58%||1.36%||$251 622 486 305|
|3||USDT||Tether predictions||96%||1||$1.000142||0%||-0.01%||$89 364 450 067|
|4||BNB||Binance Coin predictions||84.8%||26||$229.06||0.07%||-2.46%||$34 747 597 030|
|5||XRP||XRP predictions||82%||34||$0.610783||0.30%||-1.73%||$32 914 217 020|
|6||SOL||Solana predictions||62.4%||81||$60.78||0.53%||6.04%||$25 777 804 384|
|7||USDC||USD Coin predictions||94%||1||$0.999928||0%||-0.01%||$24 545 113 731|
|8||ADA||Cardano predictions||75.6%||44||$0.379472||-0.47%||-4.04%||$13 398 412 920|
|9||DOGE||Dogecoin predictions||74.8%||45||$0.083974||3.08%||8.82%||$11 928 499 834|
|10||STETH||Lido stETH predictions||94%||1||$2 941.39||-0.40%||-3.32%||$10 258 752 564|
|11||TRX||TRON predictions||83.6%||21||$0.103650||0.33%||1.48%||$9 176 911 207|
|12||WTRX||Wrapped TRON predictions||86.4%||24||$0.102253||-0.90%||0.14%||$9 053 243 756|
|13||TON||Toncoin predictions||81.2%||28||$2.42||-0.79%||-0.78%||$8 316 953 697|
|14||AVAX||Avalanche predictions||57.6%||90||$22.32||4.25%||7.56%||$8 148 348 255|
|15||LINK||Chainlink predictions||70.8%||55||$14.61||-0.07%||1.52%||$8 132 814 301|
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