Ethereum breaks $4,000, heralding a parabolic move: Can ETH reach $5,316 next?

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As Bitcoin hits a new all-time high, Ethereum is finally catching up. Fundamental factors and sentiment hint at new peaks as the breakout event prepares for a high momentum rally.  

Ethereum market cap is $483 million Ethereum $4,012 The largest altcoin has once again broken through $4,000. After regaining the key milestone, the market is expected to hit a new 52-week high.

The market recovery has triggered bullish expectations among Ethereum holders. Will the recovery rally that reclaims the $4,000 mark reach $5,316?

Ethereum breaks $4,000, heralding a new breakout

Ethereum is challenging the 100% Fibonacci level of $4,093, forming the third consecutive positive candle on the daily chart. The challenge is the 52-week high and a new breakout rally is possible.

As the recovery is underway, the 100-day and 200-day simple moving averages are preparing for a bullish crossover. Moreover, the MACD and signal lines are about to resume positive alignment.

Therefore, the technical indicators are ready to give a buy signal and the price action is foreshadowing a new 52-week high.

According to the Fibonacci levels, a new 52-week high could give Ethereum a strong rally momentum that could reach the 1.618 Fibonacci level, which is $5,316. ​​However, a minor resistance at $4,631 or the 1.272 Fibonacci level could act as a stop loss midway.

On the contrary, a bearish reversal could result in a sharp correction and could drop to $3,600 by the end of 2024.

The 4-hour chart shows an ascending channel pattern that supports the ETH trend. The ETH price is showing a positive cycle, gaining momentum within the channel pattern.

Ethereum has recaptured the psychological mark of $4,000 and is gradually approaching the R1 pivot level of $4,137. The rebound from the 50 SMA line has limited the possibility of a bearish crossover between the 50 and 100 SMA lines.

According to the ascending channel pattern, the upside continuation may reach the overhead resistance trendline near the R2 pivot level of $4,317. Therefore, the short-term rise of ETH highlights an upside potential of nearly 8-10%.

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