Ethereum (ETH) Eyes $3,820 amid Bullish Reversal – Price Forecast

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ETH price develops a bullish chart setup that suggests a 12% rebound to $3,820.
The altcoin necessitates a break pat $3,398 to validate this optimistic target.
A challenging obstacle might appear at 78.6% FIB retracement zone at $3,709.

Ethereum’s (ETH) price might be ready for a trend reversal with the emerging bullish chart setup. The alt’s bulls target a 12% upward move to $3,820. However, the second-largest digital coin should surge past $3,398 for the optimistic thesis to play out.

Ether Bulls Aim 12% Upswing

ETH price currently develops a cup-handle patter on its 4hr chart, confirming a possible bullish reversal. Meanwhile, Ethereum should overcome the neckline near $3,398 to accomplish this governing technical pattern’s bullish target.

Ethereum’s initial resistance line stands at 38.2% FIB retracement zone near $3,347. If bulls overpower this hurdle, the leading altcoin might tag the prevailing chart’s neckline near $3,398.

A surge past the neckline might translate to a 12% upward move to $3,820, annulling the bullish setup. Nevertheless, ETH will encounter hurdles before reaching the optimistic target. The altcoin’s next obstacle sat at a 50% retracement area of $3,453, then 100 4hr SMA at $3,488.

Additional headwinds might showcase near 61.8% FIB retracement area at $3,558, then the falling resistance line around $3,709, the level matching the 200 4hr SMA and 78.6% FIB retracement zone.

Ethereum should climb past the mentioned hurdle to attain its goal, hitting $3,820, the level intersecting with Momentum Reversal Indicator’s resistance line. Nevertheless, increasing selling pressure will see ETH securing immediate support near the 21 4hr Simple Moving Average at $3,245, then the 50 4hr SMA near $3,216, corresponding with the 23.6% FIB retracement zone. Additional selling activities might push ETH lower to the 11 January low at $2,979.

For now, ETH bulls seem dedicated to shifting the trend to bullish, eyeing the value level at $3,820. However, buyers should step up to overcome multiple obstacles plaguing Ethereum’s upward path. The broad market sentiment is vital for the altcoin’s upcoming price actions. ETH will hit its higher targets hassle-free if the global space keeps the ongoing bullish run.