On the daily chart, Ethereum shows steady growth 📈, following an upward trendline. Yesterday's massive bullish engulfing candle led to a price increase of 10% 💥🔥.
Can Ethereum reach $4000? 💎✨
The breakthrough of the key trendline triggered a rally 🚀, leading to a reach of $3600 💰. The new bullish candle changed market sentiment 🐂📊, increasing the likelihood of further growth.
Ethereum Price Analysis:
A bullish engulfing candle covered the range from $3323 to $3688 over the last 24 hours 🌟📌. The price increase started from the 61.8% Fibonacci retracement level 🔄 but was halted at 78.6% 🛑 due to oversupply. At the time of publication, Ethereum is trading at $3589 💹, showing an intraday pullback of 1.87%.
Technical Indicators:
EMA: Increased bullish pressure 🐂📈 has led to a golden crossover ✨🔗 of the 100-day and 200-day EMA, reinforcing the positive sentiment.
MACD: The MACD and signal line maintained a positive alignment 💚📊, and bullish histograms have strengthened again 💪, confirming the dominance of the bulls.
Growth of institutional support through Ethereum ETF 📈💼
Against a net inflow of $90.10 million per day 🤑, the total investment in Ethereum ETF reached $240.41 million 💸. Fidelity's fund (FETH) led with an inflow of $38.01 million 🏆, followed by Grayscale ($37.29 million) and VanEck ($13.25 million). The total value of spot Ethereum ETFs reached $10.80 billion 💎, accounting for 2.47% of Ethereum's market capitalization 🌐. Growing institutional support may push the price up in the long term 🚀📊.
Forecast: Will Ethereum reach $4000? 🎯💹
It is expected that the recovery in the American session 🇺🇸 will allow ETH to overcome resistance at $3668 🏔️ and aim for the $3800 level 🎯. However, if trading activity slows down 🛑, the price may test support at $3400 🛡️.
Key Questions:
Current price of Ethereum: $3589 🤑, after a pullback of 1.87% from the previous rise 📉.
Will ETH overcome the resistance at $3668? Given the current bullish momentum 🐂⚡, Ethereum may surpass this level and approach $4000 💰.
Key support levels: $3400 and $3200 🛡️, which remain important for maintaining the upward trend 📊.
For more on the expected price growth of Ethereum, read the forecast from Coinpedia! 🌟📚