Ethereum (ETH) cryptocurrency market is in a bullish trend, but trading volume remains at a fairly low level. Therefore, the coin will rise in price at best to $3200 by March 30th.
Buyers have made great strides in Ethereum market over the past seven days. Firstly, they managed to overcome the 23.6% Fib ($2,800) taking into account the dump from $4,867 to $2,150. Secondly, the bulls broke up the shrinking triangle that began to form in the first half of February.
The only downside is that traders are unable to gain a foothold above the $3,000 resistance barrier. But, judging by the dynamics of the upward movement, this barrier will be taken by storm over the next two sessions. After that, the value of ETH will rise to $3,200, which is the 32.2% Fib.
The bulls have little chance of gaining a foothold above $3,200 on their first try. Accordingly, after rising to $3,200, the cryptocurrency rate will most likely correct to $2,800. Then a new round of the bullish trend should begin, which will bring ETH to new heights.
Considering the width of the shrinking triangle and the breakout point of the pattern, we can assume that the uptrend target is in the $4,000 area. Therefore, over the next month, the situation will develop as follows:
ETH price consolidated above the bearish trend line that started on December 1. Therefore, the downward trend ended, and the market reversed. Drawing an analogy with the bullish trend after the end of the dump in 2018, it becomes obvious that the price of the coin will grow gradually with regular corrections and will increase by a maximum of 130% in four months: up to $5,000.