Ethereum Price Analysis: Is ETH Gearing Up for a $4K Breakout?
Main Idea
Ethereum's price has retreated slightly after testing the $4,000 resistance level, but on-chain data and technical indicators suggest a bullish outlook if key support levels hold.
Key Points
1. Ethereum's price surged past $3,500 but stalled near $4,000, with the $3,500 level now being retested as support.
2. The RSI has cooled from overbought levels to around 56, indicating potential for another upward move if buyers step in.
3. The 100-day moving average is above the 200-day moving average, supporting a bullish trend as long as ETH stays above $3,500.
4. A breakdown from a rising wedge formation on the 4-hour chart suggests exhaustion after a prolonged rally, with short-term support at $3,350–$3,500.
5. The Ethereum Exchange Supply Ratio has hit a multi-year low of 0.13, indicating less ETH is held on exchanges, which could amplify price moves with moderate demand.
Description
Ethereum has pulled back slightly after tagging the $4,000 resistance level, which capped the recent explosive rally. While the short-term correction shook out late long positions, on-chain data still leans bullish. As we move into August, price action, RSI levels, and supply metrics hint at the next major move. Technical Analysis By ShayanMarkets The Daily Chart ETH’s daily chart remains structurally bullish despite the recent retracement. After the breakout above the $2,800 resistance level, t...
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