😍😍😍 #Ethereum’s Breakout Potential: Are #Bulls Ready to Surge?
Ethereum Price Targets $4,000 Resistance as Momentum Builds
- Ethereum’s price is gaining traction, currently trading at $3,916, and showing strong potential for further gains. With the $4,000 resistance within reach, $ETH could soon aim for higher targets if key resistance levels are surpassed.
Current Price Action
- Ethereum held firm above $3,500, tracking Bitcoin’s positive momentum. It recently broke through key resistance levels at $3,650 and $3,720, supported by a breakout above a bearish trend line at $3,720 on the ETH/USD hourly chart (via Kraken). Additionally, ETH climbed above the 50% Fibonacci retracement level of the decline from $4,015 to $3,488.
- Now trading above $3,750 and the 100-hourly Simple Moving Average, Ethereum is approaching the next major hurdle at $3,950, with strong resistance anticipated near the $4,000 level.
Upside Potential
- With ETH trading at $3,916, it is close to breaking the $4,000 resistance. A clear move above $4,000 could trigger further gains, targeting $4,050 initially. Beyond that, ETH may advance toward $4,150 and even $4,220 if momentum continues.
Risk of a Downturn
- If Ethereum fails to break the $4,000 resistance, a pullback could occur. Immediate support is near $3,850, followed by stronger support at $3,750. A drop below $3,750 might send the price toward $3,650, with additional support levels at $3,550 and $3,500.
Technical Indicators
- Hourly MACD: Gaining bullish momentum.
- Hourly RSI: Positioned well above 50, signaling strength.
- Key Support Levels: $3,850, $3,750, $3,650.
- Key Resistance Levels: $4,000, $4,050, $4,150.
Ethereum remains in a strong uptrend as long as it maintains support above $3,850. Breaking through $4,000 could confirm a bullish continuation in the near term.
