The Ethereum (ETH) price rallied by about 10% on Wednesday to clear the $3,550 resistance zone very swiftly. Interestingly, this bullish price action has led to a bullish signal on a popular indicator used for predicting price outlook. Notably, the SuperTrend buy signal has resurfaced, bringing into question Ethereum’s potential to replicate its past performance after such a signal and move toward the $7,500 price level.

Crypto Analyst Highlights The Significance Of The SuperTrend Buy Signal

Renowned crypto analyst Tony “The Bull” Severino, CMT, took to the social media platform X to highlight the reemergence of the SuperTrend buy signal on the Ethereum price chart. Particularly, this SuperTrend buy signal was noted on the weekly candlestick timeframe, meaning that the projected bull surge is going to play out on a larger time period. 

Tony Severino pointed out the historical impact of the SuperTrend buy signal, stating, “Ether did a 120% rally after 2023’s buy signal. Another 120% from today’s signal would be $7,500 per $ETH.”

The SuperTrend indicator, which is designed to identify clear buy or sell signals based on market trends, previously highlighted a buy signal for ETH in early 2023. During that time, the Ethereum price was trading around $1,300. Although the Ethereum price dipped a bit after the buy signal when observing from a smaller time period, it eventually picked up steam in the last quarter of 2023. 

From that point, the Ethereum price surged by around 170% from a low of $1,536 in October 2023 until it crossed above $4,000 in March 2024, essentially validating the weekly SuperTrend buy signal. In light of this, its reliability as a directional guide has earned it a respected place among technical analysts and traders.

Today, the SuperTrend buy signal has reappeared after printing a sell signal earlier in the year. If the Ethereum price mirrors its 2023 performance, a 120% rally from its current price range would bring it to approximately $7,500. In terms of a timeframe, we can only look towards the previous price performance. Therefore, the Ethereum price could reach its peak sometimes in the middle of 2026. 

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

Building upon the SuperTrend signal, other technical indicators further reinforce Ethereum’s bullish outlook. Recent analysis shows that ETH has established a strong upward movement, maintaining levels above the key support at $3,250 and approaching resistance zones near $3,685.

The hourly Relative Strength Index (RSI) is reading around 50, suggesting that ETH has not yet entered overbought territory. Additionally, the Moving Average Convergence Divergence (MACD) for ETH/USD is gaining momentum in the bullish zone, indicating a potential for continued upward momentum.

At the time of writing, the Ethereum price is trading at $3590, having reached an intraday high of $3,682 in the past 24 hours. 

Featured image created with Dall.E, chart from Tradingview.com

The Shiba Inu price is currently witnessing a significant correction alongside Bitcoin. However, crypto analysts have suggested that Shiba Inu can experience a parabolic rally if the flagship crypto were to enjoy a bullish reversal above $100,000.

Shiba Inu Price Could Rally To $0.000037 As Bitcoin Hits $100,000

In an X post, crypto analyst Rose predicted that Shiba Inu could soon rally to as high as $0.000037372. This came as the analyst revealed that the top meme coin is currently trading within a consolidation phase, showing potential for a breakout.

The analyst further mentioned that the accumulation zone lies between $0.00002387 and $0.00002541, providing investors with an opportunity to accumulate in this range. In line with this, Rose stated if the Shiba Inu price breaks above this resistance, the next targets for SHIB are $0.000031040, $0.000034024, and $0.000037372.

The analyst added that the meme coin remains a key asset to monitor for short-term growth. Indeed, the meme coin is one to monitor, especially if the Bitcoin price were to witness a bullish reversal to the upside and hit the $100,000 milestone.

IntoTheBlock data shows that the price correlation between Shiba Inu and Bitcoin is currently 0.88, which indicates a strong positive price correlation. Therefore, SHIB will likely enjoy a bullish continuation as BTC moves to the upside.

SHIB Still Gunning For Current ATH

Crypto analyst Javon Marks recently suggested that the Shiba Inu price is still gunning for its current all-time high (ATH) of $0.00008 and could reach it soon enough. This came as he stated that SHIB looks to be in some of its best positions in years.

He added that the meme coin is holding well broken out and up over 162% while also showing majorly positive responses to a recent Hidden Bullish Divergence. The analyst mentioned that this divergence could suggest an over 75% move above the 2024 highs.

Javon Marks said this may only be a smaller part of a much larger 215% uphill run to the first overall breakout target at $0.000081. In line with this, the analyst stated that a more than 3x Shiba Inu price increase can be loading and coming quickly.

Shiba Inu’s burn rate recently spiked 4,500%, which presents a bullish outlook for the meme coin. SHIB whales are also actively accumulating the meme coin, which could continue to this imminent price rally.

✓ Share:

Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.