Bullish ETH on the Prowl! Accumulation Zone Found, Next Stop $3,500?

A famous cryptocurrency analyst identifying as Ali on X (formerly Twitter) has spotted a significant development in Ethereum’s daily chart. In a recent post, Ali showed that Ether is retesting its breakout zone from an ascending triangle, hinting at preparation for a further climb.

#Ethereum is currently retesting its breakout zone from an ascending triangle, hinting at preparation for a further climb.

The price range between $2,150 and $1,900 could be the ideal zone for accumulation before #ETH sets its sights on a higher target of $3,500. pic.twitter.com/6lGZT0ZKgv

— Ali (@ali_charts) December 20, 2023

According to Ali, the price range between $2,150 and $1,900 could be the ideal zone for accumulation before ETH sets its sights on a higher target of $3,500. That range signifies the nearest historical resistance levels that Ether’s upside movement has converted to support. They also envelope the significant psychological $2,000 price, representing a notable region for Ether.

Incidentally, the Fibonacci retracement levels on the Ether daily chart indicated by Ali align with some of the traditionally significant price levels. For instance, the 0.618 Fibonacci retracement falls at $2,529, near the $2,500 psychological level. Similarly, 0.786 retracement is at $3,372, not far from a historical resistance at $3,582, established in April 2022.

From his chart analysis and inscriptions, Ali expects Ether to overcome the nearest Fibonacci resistance on the upside and make a retest that converts the level into support before rallying further toward the next Fibonacci level ahead of the $3,500 mark.

If Ali’s prediction is fulfilled, it will push Ether to its highest price since May 2022. A $3,500 price achievement would also see Ether returning a gain of more than 200% in 2023, according to data from TradingView.

ETHUSD Daily Chart on TradingView

The flagship altcoin traded for $2,208 at the time of writing after a price correction move that has lasted nearly two weeks. The correction saw ETH pull back from a yearly high of $2,403 following a significant rally that saw the top altcoin gain almost 60% from October 12 to December 9, 2023.

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