🚀🚀🚀 Ethereum Reclaims $3.5K: Is $4K the Next Stop?
#Ethereum Targets $4K Resistance After #bullish Rebound
- Ethereum ($ETH ) has witnessed a significant surge in buying activity, bouncing strongly off the $3.5K support zone. While this rebound underscores bullish momentum, the $4K resistance remains a critical challenge for further upward movement.
Technical Analysis
1. Daily Chart
- Ethereum has staged a notable recovery from the $3.5K level, a key accumulation zone that triggered increased buying pressure and a subsequent price surge. As the cryptocurrency edges higher, the $4K resistance presents a psychological and technical barrier that must be breached to confirm a sustained upward trajectory.
- Currently, ETH is consolidating within the $3.5K–$4K range. A breakout above the $4K mark could signal the start of a fresh rally, while rejection may result in further consolidation or a pullback toward support levels.
2. 4-Hour Chart
- On the lower timeframe, Ethereum found strong support between the 0.5 ($3.2K) and 0.618 ($3K) Fibonacci retracement levels, halting its previous downtrend. This support zone attracted significant buying interest, leading to a bullish recovery.
- ETH is now approaching the pivotal $4K resistance, a level coinciding with a prior swing high and anticipated to face selling pressure. A successful breakout could lead to a robust rally, while a failure might trigger extended consolidation or a retest of the $3.5K support.
Conclusion
Ethereum’s strong rebound from the $3.5K support level highlights bullish sentiment, but the $4K resistance will be a decisive level. A breakout could pave the way for a sustained rally, while rejection may lead to further price stabilization within the current range.
