ETH Bulls Look to Push Above $4K, but is the Rally Sustainable? (Ethereum Price Analysis)
Main Idea
Ethereum's price is trending upward toward the $4,000 mark, but a potential pullback is cautioned as technical indicators suggest consolidation and possible bearish signals.
Key Points
1. Ethereum's price is in an ascending channel, having broken multiple resistance levels since mid-April.
2. The 100-day and 200-day moving averages are below the current price, with the 100-day MA showing an upward slope after a bullish crossover.
3. A breakout above $3,900 could trigger a new aggressive rally toward a new all-time high, but a pullback toward $3,200 is possible if resistance holds.
4. The RSI is around 67, indicating potential overbought conditions, with a bearish divergence needed for a confirmed reversal.
5. The price has been consolidating between $3,500 and $3,800, with recent fake breakouts and liquidity sweeps observed.
Description
Ethereum’s price has been making higher highs and lows for a while now, climbing toward the key $4,000 mark. While both technical methods and sentiment metrics point to more upside, caution is advised, as the market might be in for a pullback soon. Ethereum Price Analysis: Technicals By Shayan The Daily Chart The daily chart demonstrates ETH’s upward path inside a large ascending channel. This uptrend began in the middle of April, and the price has broken multiple resistance levels to the upside...
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