Ethereum’s Rally Continues as Analyst Eric Krown Predicts Move Towards Low $3000s
Renowned analyst Eric Krown recently discussed Ethereum’s impressive performance, highlighting its surge above the $2500 mark as a significant milestone. Krown, known for his in-depth technical analysis, expressed positivity about Ethereum’s ongoing rally, particularly emphasizing its strength on higher time frames.
According to Krown, Ethereum’s recent run, which started on February 5th, has followed a pattern of three green candles followed by a red one, and now potentially three green candles again. This suggests short-term resilience despite the possibility of minor pullbacks. Krown remains bullish on Ethereum’s prospects, expecting continued upside momentum in the near and long term.
Krown pointed out several key technical indicators supporting Ethereum’s bullish outlook. Of particular note is the bullish cross between the 21-day and 200-day moving averages, a rare occurrence signaling long-term strength. Additionally, hidden bullish divergence between the lows in November and January indicates underlying bullish momentum.
On the daily chart, Ethereum has already surpassed the 50% historic returns range highs, indicating further potential upside. Krown believes Ethereum’s momentum remains intact, especially with low volatility readings and bullish signals on both the 5-day and weekly charts.
Looking at longer time frames, Krown highlighted Ethereum’s strong position on the monthly chart. He explained the significance of Ethereum reclaiming the median of the HPDR bands, suggesting potential for further upside. If Ethereum can maintain its current levels throughout February, Krown anticipates a move towards the low $3000s.
While short-term pullbacks are possible, particularly around the $2500 level, Krown sees them as opportunities for further gains. With Ethereum’s ongoing rally and bullish indicators, investors may find optimism in Krown’s positive outlook for Ethereum’s near and long-term prospects.
Analyst comment
Positive news. Analyst Eric Krown predicts that Ethereum’s rally will continue towards the low $3000s. He highlights the strength of Ethereum’s performance, its bullish technical indicators, and its position on longer time frames. Short-term pullbacks are possible, but Krown sees them as opportunities for further gains. Overall, he remains bullish on Ethereum’s prospects for both the near and long term.