Ethereum (ETH) is riding a strong bullish wave after a massive 10% surge, breaking the $3,614 mark and briefly reaching a high of $3,688. The bullish momentum is backed by key technical indicators signaling a potential rise towards $4,000. Here's a quick breakdown of Ethereum's current trend and the targets to watch for:
1. Immediate Resistance - $3,668 馃幆
ETH is currently testing the $3,668 resistance level, which has acted as a key barrier. If Ethereum manages to break above this level, it could set the stage for further upward movement.
2. Next Target - $3,800 馃幆
With the bullish momentum and positive technical indicators like the golden crossover, the next major resistance level to watch is $3,800. A successful breakout here would likely pave the way for Ethereum to continue its rally.
3. Ultimate Target - $4,000 馃幆
The $4,000 mark remains a key psychological level for ETH. With the current institutional support and bullish sentiment in the market, ETH could reach this target by the end of 2024 if the trend continues.
Support Level: $3,400
On the flip side, a pullback could test the $3,400 support level, where Ethereum has shown resilience in the past.
Key Takeaways:
Ethereum's golden crossover and strong MACD alignment favor the bulls.
Institutional support through Ethereum ETFs is growing, adding fuel to the bullish case.
Watch for a breakout above $3,668 to target $3,800 and eventually $4,000.
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