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Ethereum (ETH/USD) closed yesterday above the $2,623.77 level and reached the first positive target of $2,720.00 as previously forecasted. This move suggests a continuation of the bullish trend, bolstered by the emergence of a double bottom pattern on the chart. The next anticipated target is $2,905.30.
Given this pattern, a bullish bias is expected for the near term. However, if Ethereum falls below $2,623.77 and subsequently breaks $2,545.00, the bullish outlook could be invalidated, potentially leading to further losses on both intraday and short-term bases.
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Today’s expected trading range is between $2,545.00 support and $2,850.00 resistance.
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Trend Forecast: Bullish
