Ethereum is approaching $4,000 amidst speculation of reaching $4,500 before ETF trading begins.
Strong buying interest supports Ethereum’s bullish run, with significant support levels identified.
Ethereum’s recent breakout from consolidation indicates potential for further upward movement, targeting higher resistance levels.
Ethereum’s (ETH) recent price action has noted a definitive breakout from a period of consolidation, setting its sights on higher resistance levels.
Currently, ETH is on the verge of a potential rally toward a new yearly peak as its price inches closer to $4,000. Analysts have previously speculated that Ethereum could reach $4,500 ahead of the commencement of ETF trading. At present, Ethereum has managed to surpass the $3,800 mark, now trading around $3,906. This upward trend is supported by substantial trading volume, indicative of strong buying interest.
Significant support for Ethereum is observed at the 50-day EMA around $3,225 and the 100-day EMA at approximately $3,170. These levels have been crucial in sustaining Ethereum’s price movement. Despite the RSI being at 72, signaling that Ethereum is overbought and might be due for a pullback, the overall market sentiment remains positive.
The cryptocurrency’s recent price trajectory has seen a clear departure from previous consolidation phases, highlighting bullish targets at higher resistance levels. For Ethereum to continue its upward momentum and potentially reach $4,500, it needs to break through the psychological barrier at $4,000.
Should this level be breached, the next significant resistance is around $4,200, which could propel Ethereum closer to the anticipated $4,500 mark. However, maintaining momentum is crucial. On the downside, the levels to watch are $3,800 and $3,500, which must hold to preserve the bullish outlook.
Read also:
ETH Shows Mixed Signals During Consolidation
XRP in April: Stuck in Consolidation or Poised for Bullish Surge?
Shiba Inu Breaks Key Barrier, Sets Sights on $0.000036 by April’s End
Shiba Inu Analyst Predicts 600% Surge for SHIB: A Breakout from Consolidation?
Cardano’s Impressive 11% Surge Sets Sights on $0.3, Can It Make the Leap?
The post Ethereum Breaks Out: Clear Path to Higher Resistance Levels in Sight appeared first on Crypto News Land.
