Ethereum rallied more than 4% on Monday
The cryptocurrency has maintained an upward trend
A break above $1,250 puts ETH at $16,000 with short term corrections at $1,350 and $1,450
Help meetings are here, and even before we go any further, Ethereum (ETH/USD) is back above $1,300. For a crypto resident, this price level should inform you that Ethereum has cleared a $1,250 resistance hurdle. We’ve seen it happen before, cryptocurrencies break key levels and then crash below them. That’s when you recognize how volatile digital assets are. But of course you don’t want to miss out on small opportunities as they arise, and Ethereum could be one of them.
Up 4.66% at press time, Ethereum once again showed why investors should never lose hope. Ethereum is considered the home of decentralized finance and non-fungible tokens. Analysts expect these two emerging sectors to continue to grow despite facing a tough time in 2022. So timing your investment in Ethereum is all you need, both in the short and long term. But is the recent rally an indication of the start of a bullish market?
We would be too cautious to call a bullish market for Ethereum and other cryptocurrencies right now. However, as ETH price action shows, $16,000 could only be the inevitable target if…
Ethereum price outlook and analysis
ETH/USD chart by TradingView
Ethereum price outlook shows it has overcome the $1,250 resistance. The momentum has increased significantly since the outbreak. The moving averages are now supporting the price, with the 20-day MA trying to close above the 50-day MA. Ethereum has maintained movement above the short-term ascending trendline and is trading with higher highs and higher lows.
What now for ETH?
Ethereum price is set for the $1,350 level in the current bullish run. A break above this zone will cause buyers to target $1,450 next. Still, we set a price target at or above $1,600, the resistance identified. For ETH to reach the price level, bulls must keep the price above the rising trendline and moving averages. However, near-term corrections are expected at near-term resistances at $1,350 and $1,450.
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