Ethereum breaks $4,000 resistance, signaling potential for continued price growth.
Fibonacci 0.618 level acts as critical support for Ethereum's uptrend.
Trading volume surge highlights growing market interest in Ethereum.
Ethereum (ETH) has recorded a shift in its price action, breaking above key resistance levels and signaling potential for continued upward momentum.
As of the latest market data, Ethereum is priced at $4,037.12, reflecting an increase of 0.03% in the past 24 hours. This price point marks a critical threshold, with ETH now testing and consolidating above the $4,000 level.
Ethereum’s technical chart over the past several weeks displays a breakout above the $4,000 resistance level, supported by a strong green candlestick. This movement comes after consolidation, where ETH tested and formed a solid base below the $4,000 mark.
This breakout is observed when compared to past price action. Looking back to early 2021, Ethereum experienced a similar rally after consolidating at lower levels. In that phase, the price retraced to the 0.618 Fibonacci level before bouncing higher.
Ethereum Fibonacci Levels Provide Critical Support Zones
According to Ethereum’s chart, it reveals key Fibonacci retracement levels in its price action. The 0.618 Fibonacci level has acted as a strong support point during uptrends, and it is being watched closely for potential price reactions.
Source: X
As Ethereum tests the $4,000 resistance level, the Fibonacci levels on the chart highlight key price points that traders and investors are monitoring to gauge the strength of the current breakout.
These levels are important in confirming whether Ethereum can maintain its upward momentum or if it will retrace to previous levels. If ETH holds above the $4,000 level, the next target may be higher price points, possibly revisiting its all-time high above $4,800.
However, Ethereum’s trading volume has surged along with the price action, with a 105.93% increase over the past 24 hours, reaching $47.77 billion.
This increase in volume indicates rising market interest, suggesting that more participants are entering the market as Ethereum consolidates above the $4,000 level.
