Ethereum SuperTrend Signal That Led To 120% Price Surge In 2023 Has Returned, Why ETH Could Reach $7,500

As a seasoned researcher with a penchant for all things crypto, I find myself intrigued by the recent bullish surge of Ethereum (ETH). The SuperTrend buy signal, a trusted indicator among analysts and traders, has resurfaced, hinting at Ether’s potential to replicate its past performance.


On Wednesday, the cost of Ethereum (ETH) jumped approximately 10%, surpassing the resistance at $3,550 in a quick bullish trend. It’s worth noting that this upward price action has triggered a positive signal on a commonly used predictive tool, suggesting a potentially optimistic outlook for ETH prices. Remarkably, the SuperTrend indicator once again suggests a buying opportunity, raising questions about Ethereum’s ability to replicate its previous performance following such a signal and aim for the $7,500 price mark.

Crypto Analyst Highlights The Significance Of The SuperTrend Buy Signal

crypto analyst Tony “The Bull” Severino, CMT, recently pointed out on platform X that the SuperTrend buy signal has resurfaced in Ethereum’s price chart. Specifically, this SuperTrend buy signal was identified within the weekly candlestick timeframe, indicating a strong bullish trend is anticipated to unfold over an extended period of time.

Tony Severino highlighted the significant historical effect of the SuperTrend buy signal, noting that “Following the 2023 buy signal, Ether experienced a 120% surge. If we see another similar increase from today’s signal, Ethereum would be valued at approximately $7,500 per ETH.

The SuperTrend indicator, which predicts strong buy or sell signals based on market trends for assets like ETH, indicated a buy opportunity for Ethereum back in early 2023 when its price was approximately $1,300. Although the price experienced a slight downturn following this signal when viewed through a short-term lens, it regained momentum by the last quarter of 2023.

Starting there, Ethereum’s price significantly increased, approximately doubling from $1,536 in October 2023 to exceeding $4,000 by March 2024. This upward movement essentially confirmed the weekly SuperTrend signal for buying. Given this, its effectiveness as a guide for predicting direction has made it a respected tool among technical analysts and traders.

Today, the SuperTrend indicator has once again indicated a buy opportunity, having previously signaled a sell earlier this year. If Ethereum follows its 2023 trajectory, it’s predicted to experience an approximately 120% surge from its current price range, potentially reaching around $7,500. As for when we might see the peak, we can only refer to past performance, which suggests that Ethereum’s highest point could occur somewhere in the mid-2026 period.

 

Technical Analysis Supports The Bullish Outlook For Ethereum To $7,500

As a crypto investor, I’m observing a promising trend for Ethereum based on the SuperTrend signal. Other technical indicators are reinforcing this bullish outlook as well. The latest analysis indicates that Ethereum has been making a robust upward movement, consistently staying above the crucial support at $3,250. It’s approaching resistance areas around $3,685, which could potentially be broken in the near future.

As a researcher, I’m observing that the Relative Strength Index (RSI) for Ethereum (ETH) hovers around the 50 mark, signifying it hasn’t quite reached the overbought territory yet. On the other hand, the Moving Average Convergence Divergence (MACD) for ETH/USD is picking up speed within the bullish zone, hinting at a possible continuation of its bullish trend.

Currently, when I’m typing this, the cost of Ethereum is being transacted at around $3590, and it previously peaked at $3,682 within the last 24-hour period.

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2024-11-28 22:41