Ethereum price continued its strong rally this week, hitting its all-time high of $4,860 as investors positions themselves for interest rate cuts happening in September.
ETH also jumped amid strong growth in its ecosystem, with the total value locked (TVL) jumping to a record high. The stablecoin in circulation in its ecosystem has jumped, led by popular networks like AAVE, Uniswap, Lido, Sky, and EtherFi. And technical analysis suggests that it has more upside in the coming weeks.
Ethereum Price Technical Analysis
The weekly chart shows that Ethereum price has been in a relentless bull run in the past few months. This surge happened after the token formed the highly bullish doji candlestick pattern in April. This pattern resembles a plus sign and is an indication that an asset’s price opened and closed on the same level.
Ethereum price has crossed the important resistance level at $4,043, where it resisted moving above three times since last year. This price was either the upper side of the triple-top pattern or the neckline of the inverse head-and-shoulders pattern.
ETH price has remained above the 50-week and 200-week Exponential Moving Averages (EMA). That is a sign that bulls remain in control.
Measuring the distance between $4,043 and the lower side of the doji at $1,372 shows that it is 65%. Calculating the same distance from $4,043 brings the price target to $6.795.
Bitcoin Penguins Could Move From $0.0018 to $2 by November
The ongoing Ethereum price surge will likely trigger more gains among other altcoins. One of these could be Bitcoin Penguins (BPENGU), a new token currently in its presale.
Bitcoin Penguins is a meme coin whose developers hope will be the next big thing in the crypto market. It is based on the concept of Bitcoin and Pudgy Penguins, a token that has led the altcoin season this year.
BPENGU, which has gone viral and raised $4.3 million, has numerous benefits. The most notable one is that some of the presale buyers will receive a Bitcoin, which they can sell or HODL. You can enroll in this competition here or stake your BPENGU here.
Bitcoin Penguins is also thriving as the developers have put in place plans that may push it to $2, a 150,000% surge from the current level. These plans include talks to launch on most tier-1 exchanges and partnering with a large toy manufacturer, a move that will make it a cultural phenomenon.
Most importantly, they hope that it will become a ‘mini Pudgy Penguins’ just as Shiba Inu used Dogecoin’s success to become a top meme coin. Hurry up and buy BPENGU here.
READ MORE: Crypto Bull Run: Why are Altcoins Like Arbitrum, Ethena, ETH Going Up?
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