Ethereum Price Analysis: ETH Regains Key Resistance Level at $3.5K, Can It Reach $4K Next?
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Ethereum (ETH) has recently experienced a significant surge in buying activity, finding support at the key $3,500 level, which has initiated a strong bullish rebound. However, the $4,000 resistance remains an important barrier for buyers, and breaking through this level will determine ETH's future trends. Below is a detailed analysis of the current market dynamics for Ethereum:
1. Technical Analysis - Daily Chart
Support and Rebound:
$3,500 Support: Ethereum has found strong support around $3,500, which is viewed as a critical accumulation zone attracting substantial buying interest, driving the price of ETH higher.
Currently, ETH is oscillating within the $3,500-$4,000 range, indicating that the market may choose a direction within this range. If ETH successfully breaks through $4,000, it could initiate a new wave of upward momentum.
Key Resistance Level - $4,000:
$4,000 is seen as a significant technical and psychological barrier; breaking this price point could confirm bullish sentiment in the market and provide support for continued upward movement.
If ETH fails to break through $4,000, the price may retest the $3,500 support level or continue to consolidate within the current range.
2. 4-hour Chart - Lower Timeframe Analysis
Fibonacci Retracement Support:
ETH's decline found solid support in the $3,000-$3,200 range, which corresponds to the 0.5 ($3,200) and 0.618 ($3,000) Fibonacci retracement levels.
This support area has attracted substantial buying interest, effectively curbing the downward price trend and triggering a bullish rebound, indicating strong buying support for ETH in the short term.
Bullish Rebound and Accumulation Phase:
As the market's accumulation phase gradually transitions into a bullish trend, ETH's current price target is aimed at the key resistance level of $4,000.
This resistance level aligns with previous significant swing highs and is expected to become a strong selling pressure zone, making breaking through this price point critical.
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