Ethereum is approaching $4,000, with speculation it could reach $4,500 before ETF trading starts. Strong buying interest supports Ethereum's bullish trend, with key support levels identified.
Ethereum (ETH) has recently broken out from a consolidation phase, indicating the potential for further upward movement toward higher resistance levels. ETH is nearing a potential rally to a new yearly high, with its price close to $4,000. Analysts suggest Ethereum could hit $4,500 before ETF trading begins. Currently, ETH has surpassed $3,800 and is trading around $3,906, supported by substantial trading volume.
Key support for Ethereum is noted at the 50-day EMA around $3,225 and the 100-day EMA around $3,170. These levels have been crucial in sustaining Ethereum’s price. Although the RSI is at 72, indicating Ethereum is overbought and might face a pullback, the overall market sentiment remains positive.
Ethereum's recent price action shows a clear breakout from previous consolidation phases, with bullish targets at higher resistance levels. To continue its upward momentum and potentially reach $4,500, Ethereum needs to break the psychological barrier at $4,000. If this level is breached, the next significant resistance is around $4,200, which could push 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 sustain the bullish outlook.
