Was This ETH’s Final Shakeout Before Surge to New ATH? (Ethereum Price Analysis)
Main Idea
Ethereum's price is approaching a new all-time high, with strong momentum suggesting potential further gains, though some indicators signal overbought conditions and possible pullbacks.
Key Points
1. Ethereum's price has been on a steady upward trajectory since rebounding from the 100-day moving average near $2,100 in June.
2. The $4,000 level is now seen as a support level, and the $5,000 psychological level appears within reach.
3. Momentum indicators like the RSI suggest potential overbought conditions, but the bullish crossover between the 100-day and 200-day moving averages indicates strong market optimism.
4. Ethereum's exchange reserves have declined from over 28 million ETH in early 2022, tightening liquidity and contributing to the recent price surge.
5. Some analysts anticipate a pullback soon, but if the decline in exchange reserves continues, ETH could rally even higher in the coming months.
Description
It appears the moment has finally arrived. Ethereum is closing in on a new all-time high after nearly four years. With this momentum, many investors are eyeing the $5,000 mark as a realistic target in the weeks ahead. Technical Analysis By ShayanMarkets The Daily Chart On the daily chart, it’s clear that since ETH’s rebound from the 100-day moving average near the $2,100 mark in June, the price has been on a steady upward trajectory. Now, Ethereum is rallying almost vertically, closing in on a n...
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