Ethereum Price Analysis: ETH Targets $4K Following 25% Weekly Gains
Main Idea
Ethereum (ETH) is experiencing strong upward momentum, breaking through key resistance levels and approaching a major supply zone, but traders should watch for potential profit-taking and signs of weakening momentum.
Key Points
1. ETH has broken through the $2,800 and $3,400 resistance levels, showing strong bullish structure.
2. The 100 and 200-day moving averages are nearing a bullish crossover near $2,500, acting as dynamic support.
3. ETH has entered a major supply zone between $3,700 and $4,100, with the next target at $4,107.
4. Buyers should be cautious of potential profit-taking, especially if the price stalls around the $3,800–$4,100 zone.
5. On the 4H timeframe, ETH shows signs of weakening RSI divergence, which could indicate a local top forming.
6. A break below $3,500 could trigger a pullback to the $3,200 support zone.
7. Open Interest (OI) has surged to multi-year highs, indicating strong bullish sentiment but also increased risk of liquidations.
Description
ETH continues its strong upward momentum, pushing deep into multi-month resistance zones. After breaking out of a prolonged consolidation range, the market has flipped key levels into support, with price now hovering just around $3,800. Momentum remains bullish, but short-term exhaustion signs are beginning to surface as the rally stretches higher without significant retracements. Technical Analysis By Shayan The Daily Chart Ethereum has pushed aggressively through the $2,800 and $3,400 resistan...
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