Ethereum Targets $4,000 as Bullish Momentum Continues
Ethereum (ETH) has demonstrated remarkable resilience, successfully holding the crucial $3,650 support level and initiating a robust upward trajectory. The cryptocurrency is currently poised for significant gains, with analysts eyeing a potential breakthrough towards the coveted $4,000 psychological barrier in the near future.
ETH Price Stages Impressive Recovery
The second-largest cryptocurrency by market capitalization has seen a fresh surge, confidently breaking past initial resistance levels at $3,720 and $3,750. This bullish momentum propelled ETH above the $3,850 mark, ultimately testing the $3,920 resistance zone, where it recently established a new high at $3,927. Currently, Ethereum is consolidating these gains, maintaining its position above the 23.6% Fibonacci retracement level of its recent ascent from the $3,544 low to the $3,927 peak. This sustained upward movement is further supported by the price trading above the $3,800 level and the 100-hourly Simple Moving Average, alongside the formation of a bullish trend line with established support at $3,820.
Key Resistance and Support Levels
Should Ethereum maintain its strength above the $3,750 support zone, it is well-positioned for further increases. The immediate hurdle for ETH lies around the $3,920 resistance level, with subsequent key resistance found near $3,950. A decisive break and close above the critical $4,000 resistance could trigger an extended rally, potentially pushing the price towards the $4,220 mark, and possibly even the $4,350 or $4,500 zones in the short term. Conversely, a failure to clear the $3,920 resistance could lead to a minor retracement, with initial support expected near $3,820, followed by stronger support at $3,800. Further declines could see Ethereum testing $3,735, and eventually the major support at $3,650. Technical indicators, including the Hourly MACD and RSI for ETH/USD, are currently signaling positive momentum, both comfortably situated in the bullish zones.
