Ethereum Price Analysis
Ethereum’s recent price action has shown a rising channel pattern on the 4-hour chart, signaling a continued bullish trend. ETH has broken through the key resistance level at $3,900 and is currently trading at $3,899.58.
The cryptocurrency has seen a remarkable ~10% increase after bouncing from the local support trendline and the 50-EMA (Exponential Moving Average) line. This bullish movement was further amplified by a series of seven consecutive green candles, showing strong market sentiment.
However, the current 4-hour chart displays two Doji formations, indicating indecision in the market as the price extends its range. This is a signal of potential consolidation or a temporary pullback. The price has recently retested and reversed from the broken supply zone, further confirmed by the Morning Star pattern, which has driven the price to a peak of $3,914.
In the last 24 hours, Ethereum has gained 1.35%, with a 7-day increase of 8.80%, suggesting that bullish momentum is likely to continue in the short term.
Ethereum Technicals and Price Targets
Looking at Ethereum’s technical indicators, the MACD (Moving Average Convergence Divergence) is maintaining a bullish outlook, with no bearish crossover and positive histograms supporting the ongoing upward trend.
Additionally, the 20-day and 50-day EMAs are acting as strong dynamic support levels, reinforcing the bullish structure. Ethereum is poised to surpass its current 52-week high and is targeting the next resistance level at $4,100.
Should Ethereum face any downward pressure, the recently flipped resistance-turned-support zone at $3,750 is expected to act as a cushion and help sustain the bullish momentum. If the price breaks above $4,100, Ethereum may soon test higher resistance levels and approach the $5,000 mark.
FAQs
Can Ethereum surpass its 52-week high?
Yes, Ethereum is on track to surpass its 52-week high. The next key resistance level is at $4,100, and if the momentum continues, Ethereum could eventually reach $5,000.
What is Ethereum’s current price?
As of the latest data, Ethereum is trading at $3,899.58, showing a 1.35% increase intraday and an 8.80% increase over the past week.
What is Ethereum’s key support level?
The critical support level for Ethereum is at $3,750, which is expected to absorb any supply pressure and maintain the upward trend.
Ecosystem
Research
News Network
About