As the Bitcoin whales maintain a wait-and-watch strategy and the BTC price falls near the $96,000 mark, Ethereum is making a bullish comeback. With an intraday surge, the Ethereum ETFs are showcasing positive trends, driving institutional demand.
Ethereum Price Analysis
In the 4-hour chart, the Ethereum Price action showcases the rising trend, creating a wedge pattern. Currently, the ETH price trend showcases a bullish turnaround within the rising wedge pattern.
Will ETH Price Hit $4,000?
Using the trend-based Fibonacci levels, the bullish turnaround dominates above the 50% Fibonacci level at $3,614. Currently, the Ethereum Price is at $3,675 and is taking off from the support trend line.
Based on the Fibonacci levels, the overhead resistance trend line breakout will immediately challenge the 78.6% Fibonacci level at $4,009. Beyond this, the price target is stacked at $4,332.
Starting with the Morning Star pattern at the 50-EMA line, the Ethereum Price action shows four consecutive bullish candles. This has resulted in a price jump of 4.83% from the 24-hour low of $3,503.
With the bullish turnaround, the broader market anticipates a breakout rally ahead to reach the $4,000 mark this week.
