Ethereum Price Faces Crucial Test to Reach $50K Roadmap

Ethereum's price is trading within a strong bullish trend in the long term, but it still needs to overcome some resistance areas before reaching its potential.

Crypto analyst Crypto Patel notes that Ethereum has been able to continue honoring an ascending macro trendline despite recent weakness in prices. The accumulation range is significant because ETH has been able to move within this range, but it will need to show buyers can force a reversal above critical resistances before the bullish outlook becomes stronger.

The primary breakout zone for Ethereum is between $3,400-$4,400, and a move above this area could indicate a shift in the entire market structure of Ethereum. Following this, Patel predicts targets of $10,000 as a breakout level and then $20,000 or beyond as a macro breakout target. The final target of $50,000 is considered a long-term goal.

The immediate-term technical signals for Ethereum appear less favorable. The cryptocurrency is currently trading below its 20-day SMA at $1,891.87 and its 100-day SMA at $1,879.47, signaling resistance from the overall price pattern. ETH is now using the 50-day simple moving average of $1,823.87 as close support.