Technical indicators suggest that the second largest by market capitalization kriptovalyuta Ethereum (ETH) may head towards resistance at $4000.
Renowned cryptocurrency trading expert Ali Martinez noted that ETH has been trading in an ascending parallel channel since June 2022, creating a pattern that could even pave the way for a $6000 target.
Martinez believes that the middle line of the ascending channel, acting as support, is crucial for touching the record high target. In his opinion, the $6000 target coincides with the upper boundary of the channel, which suggests a potential surge of more than 50% from current levels.
Another price forecast from a cryptocurrency trading expert who goes by the pseudonym CryptoELITES also supports the bullish outlook for ETH. The analyst noted that эфириум has been forming a symmetrical triangle for several months now, and the asset is now approaching a key resistance level that could trigger a powerful upward impulse.
In this regard, the analyst noted that the next key targets to watch are $5000, $7500 and possibly even $15000.
Interestingly, January has historically been one of the strongest months for ETH, with positive returns recorded on five occasions over the past eight years.
Overall, the average yield Ethereum in January is 21,2%. The highest rate was 78,51% in 2021, followed by 52,01% in 2018 and 39,28% in 2020.
Negative returns occurred in 2022 (-26,89%) and 2019 (-20,23%), reflecting random volatility.
ETH Monthly Returns. Source: Coinglass
