Ethereum Bulls Charge Ahead: $4K Within Grasp

Ethereum Price Eyes Steady Increase

Ethereum’s price is currently on an upward trajectory, gaining momentum above the $3,600 mark. With bullish indicators in sight, Ethereum may soon target the $3,800 resistance zone. This upward movement is garnering attention as Ethereum began this increase from the $3,550 area, continuing to trade above both this level and the 100-hourly Simple Moving Average. The presence of a bullish trend line, with support around $3,700, adds optimism to Ethereum’s potential to clear the $3,750 mark and continue its rise.

Ethereum initiated a significant rise from the $3,550 level, indicating strong market interest.

The price is consistently trading above $3,550, maintaining its position above the 100-hourly Simple Moving Average.

A bullish trend line is developing, offering support at approximately $3,700 on the hourly ETH/USD chart.

Breaking past the $3,750 zone could reignite Ethereum’s upward momentum.

The Ethereum price has shown resilience, maintaining support above $3,350 and initiating a fresh upward trend similar to Bitcoin. Successfully surpassing the $3,450 and $3,550 resistance levels, the bulls have driven the price past $3,700. A recent high of $3,748 indicates the potential for further gains, although a minor retracement to levels below $3,720 was observed. This dip tested the 23.6% Fibonacci retracement level from a $3,572 low to a $3,748 high, suggesting that Ethereum is consolidating before potentially resuming its upward movement.

Currently, Ethereum trades above $3,550, supported by the 100-hourly Simple Moving Average, with a bullish trend line forming at $3,700. Despite facing resistance around $3,740, a successful breach of the $3,750 level could propel the price towards $3,800. Overcoming this main resistance might lead to further gains, with potential targets at $3,880 and possibly even $3,940 or $4,000.

Potential Downside Correction in Ethereum

However, if Ethereum struggles to break the $3,750 resistance, a downward correction could be on the horizon. The initial downside support is located near the $3,700 mark, with a significant support zone around $3,675. A decisive move below this support could drive the price towards the 61.8% Fibonacci retracement level of the upward wave, from the $3,572 low to the $3,748 high, at $3,640. Further declines might lead Ethereum towards the $3,570 support level, with a critical support area at $3,550.