TraderEye Market View: Ethereum Price Forecast Based on Correlation with Bitcoin and Bullish Shark Pattern

Sunday, February 23, 2025

Ethereum Price Forecast Based on Correlation with Bitcoin and Bullish Shark Pattern

Ethereum Price Forecast Based on Correlation with Bitcoin and Bullish Shark Pattern

Over the past month, Ethereum has been trading within a narrow range with relatively low volatility, indicating a period of accumulation or consolidation before a potential breakout. Given this prolonged sideways movement, we anticipate a breakout soon and are seeking optimal entry levels for a bullish move.

In a 5-minute Bitcoin chart, a Bullish Shark harmonic pattern has formed, which serves as a leading indicator for a potential entry into Ethereum. The Shark pattern consists of five key points (0, X, A, B, C), with measurements taken in relation to the 0-X leg. In the current setup, point B has reached the 1.618 Fibonacci level, and point C has touched the 1.13 level, confirming the completion of the structure.

To further validate the signal, we have identified a bullish engulfing candlestick pattern on Ethereum’s 30-minute chart, indicating buying momentum at a critical support level. The combination of these two technical signals suggests a strong probability of an upward move for Ethereum in the short term.

Given the current technical setup, a breakout from the upper resistance of the consolidation range could lead to a continuation of the bullish trend. Institutional investors and major financial entities have projected a significant upward trajectory for Ethereum in 2025, with long-term price targets suggesting substantial growth.

Disclaimer:
The information provided in this document is for informational purposes only and does not constitute financial advice, an offer, or a recommendation to buy or sell securities, cryptocurrencies, or any other financial asset. Any trading decisions based on this analysis are the sole responsibility of the reader. The presented data should not be considered a guarantee of profits or risk avoidance, as trading in financial markets and cryptocurrencies carries inherent risks.

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