$ETH Got Rejected At The Key Resistance of $3500 📉
If This Breakout Occurs, Then Eth Could Potentially Exceed Towards $4800 🚀
📊 Eth breaks out of that descending trendline (in Yellow) & resistance of $3200 starting this week on an excellent note, but the further upside move faced rejection at $3500, the most crucial level that led to further decline in the past.
Now let me keep it simple. During the last swing which took Eth straight to $3700 in a day after an opening price of $3071, it shattered those two key resistances of $3200 & 3500 like it was a cakewalk. That was the day when ETH ETFs were announced (May 20th ,2024).
📑 So, now after we have one last phase remaining for the opening of ETH ETFs on exchanges, the prices are obviously going to skyrocket. But that time is yet to come and in between the price may hover in the $3200-3500 range. So the retest is in progress and once it breaks that mark, we're in for a humongous rally.
As of now Eth is trading comfortably above the 7DMA (sky blue) & 20 DMA (royal blue) and with all the indicators signalling a bullish outlook, we could see $5000 soon.
As I said earlier in a post, Altseason won't start unless Eth makes a new ATH.
*This is not investment advice. Please do your own research before investing.
