ETH Accumulation Phase: Will Ethereum Price Hit $7,000?

Analysts believe Ethereum could reach $7,000 in the coming weeks amid the current market outlook. The price movements of Ethereum during past accumulation phases are identical to upcoming major breakouts, so analysts maintain positive expectations.

The analyst’s chart confirms Ethereum’s pattern of collection during a formed price channel. The recent months reveal a horizontal area which functions as ongoing support for the market.

The current market accumulation resembles similar accumulation periods that occurred in 2020 and 2021 before Ethereum started its rapid price increase.

A descending trendline exists in the chart and it has previously maintained a resistant role. The breakout confirmation above this resistance level indicates the start of an intense upward trend in accordance with the $7,000 price forecast.

Ethereum Rebounds as Buying Pressure Increases

In the wake of the market instability, Ethereum gained 6% of its value during the past day. The price trajectory of Ethereum is depicted through charts within decreasing boundaries that emerged after its earlier peak.

Ethereum experienced a 30% price reduction of worth as it entered its correction period which is shown through the red-shaded downtrend.

1-day ETH/USD Chart | Source: TradingView

The Relative Strength Index (RSI) has risen above oversold territory and continues to stay near 40.23. Buyers are recovering their market control as selling pressure shows signs of decreasing. The market usually creates local price bottom support following rebounds from RSI levels that show overselling conditions.

The continuing price action suggests Ethereum will rise against crucial resistance regions starting at $2,724 and moving toward $3,000 on its way to greater levels.

Ethereum Price Projection Toward $7,000

The path to reach a $7,000 price depends on many technical and market elements. Tracing back to the analyst’s chart, we see that the beginning of a new bullish phase in Ethereum could soon come if it maintains its upward trend and breaches the descending channel boundaries.

The major resistance occurs at $3,000 following its role as support and resistance before. The necessary price target for Ethereum to surpass after establishing support at $3600 would be to achieve $3,600 which matches the highest boundary within the weekly accumulation zone.

A fundamental change for Ethereum would happen if it manages to surpass its long-term descendent trendline according to the first displayed chart.

Such a price breakout would possibly bring fresh bullish momentum that could push Ethereum prices toward $4,800. This is a price previously seen during its 2021 bull run. The future bullish trajectory of Ethereum may push prices up to $7,000 in line with analysts who maintain favorable projections.

Ethereum needs to stay above its essential resistance points to show that its bullish trend will play out as predicted. Ethereum stands to experience a major price breakout during the upcoming months because retail investors and institutional clients continue to increase their accumulation.