👇Will Ethereum’s 20% Rally Propel ETH Price Higher To $4,000?

🚀 ETH Surges 7.38%

Outperforming Bitcoin, ETH surged by 7.38%, crossing above $3,400 with a massive bullish engulfing candle. The SEC's silence on the recent S-1 submission adds to the intrigue, with final versions expected Wednesday.

📈 Ethereum's Rally

ETH's market cap crossed $400 billion as it reclaimed the $3,000 mark, continuing a streak of bullish candles from $2,880. The rally is heading towards the crucial $3,500 level, the neckline for the rounding bottom pattern.

💹 Short Dip Today

After a 7.38% jump last night, ETH saw a 1.10% dip today, trading at $3,447. Despite the minor drop, the rally could continue later today.

📊 Technical Indicators

RSI: The recovery rally pumps the RSI above the halfway line, nearing the overbought zone.

MACD: A bullish crossover in the MACD and signal lines on the daily chart supports the uptrend.

💪 Will ETH Surpass $3,500?

As the Ethereum ETF listing nears, market sentiment is bullish. ETH is likely to break $3,500, with Fibonacci targets at $4,141 and $5,402.