Will $ETH Soar to $4.5K Next?
Ethereum’s price has been a hot topic in the crypto space over the past week, with the asset achieving a multi-month high and reclaiming the critical $4,000 psychological level.
With increased optimism surrounding Ethereum ETFs and broader market adoption, will ETH break its all-time high (ATH) this month? Let’s dive into the short-term market analysis for the world’s second-largest cryptocurrency by market cap.
Ethereum Hits a New 9-Month High
Ethereum’s price has risen by 2.19% in the past 24 hours, with a trading volume of $47.8 billion. Over the last seven days, ETH has gained 7.61%, and over the past month, its value has surged an impressive 41.84%.
Technical Insights:
The Relative Strength Index (RSI) remains near the overbought zone on the daily chart, signaling strong bullish momentum.
Ethereum’s price trend is supported by the Simple Moving Average (SMA), which reflects increasing buying pressure in the market.
These indicators suggest that Ethereum could continue its upward trajectory in the near term.
Can Ethereum Reach $5k?
If bullish momentum persists, ETH could retest the $4,100 resistance level. Successfully maintaining its price above this level may pave the way for a rally to $4,500 in the coming weeks.
However, in the event of a bearish reversal:
ETH may fall back to test the $3,700 support level.
Increased selling pressure could push its price toward the $3,300 mark.
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