When examining Ethereum’s price movements, it’s evident that the market is gaining significant momentum. As the leading altcoin, Ethereum continues to be a key player that influences the general dynamics of the cryptocurrency market. Historically, when Ethereum enters an upward trend, it often leads to major rallies in the altcoin market.
Expectations and Positive Scenario:
• Target: $3,865 USD: Ethereum is expected to rise to $3,865 USD. This level serves as a strong resistance point that could support the continuation of the upward movement.
• New Support Zone: If Ethereum stays above $3,650 USD, this area could strengthen as a new support zone.
• $4,100 USD and Above: With a break above $3,865 USD, Ethereum may test the $4,100 USD level. A breakthrough at this level could push Ethereum to much higher levels.
$ETH strong movements could spark a revival in the altcoin market. Particularly, a close above $4,100 USD could accelerate the start of the altcoin season, creating a generally positive atmosphere in the market.
Technical Commentary:
1. Trend Support: The break of the descending trend line increases expectations for a bullish market.
2. Strong Momentum: Ethereum is challenging both short-term and long-term resistance levels.
Conclusion:
With its strong price movements, Ethereum is building investor confidence and creating a positive market sentiment. Movements above $3,865 USD could strengthen the likelihood of reaching $4,100 USD. Breaking this level could signal the start of new all-time highs for Ethereum.