Ethereum Poised To Break $4,000 As Price Tests Crucial Levels; Analyst
29 Julho 2024 - 11:30PM
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Ethereum appears poised for a significant breakout above the highly
anticipated $4,000 price threshold. Despite this potential, the
cryptocurrency has recently fallen short of the expectations of
many enthusiasts and retail traders. The much-hyped launch of Spot
Ethereum ETFs, rather than sparking a rally, turned into a classic
“sell-the-news” event, leading to disappointment in the market.
However, according to a crypto analyst, the overall sentiment
around Ethereum remains fundamentally positive. This optimism is
largely held up by some bullish investors who continue to hold up
the cryptocurrency and its stability at a crucial support level of
$3,200. Ethereum Set For A Breakout In a Tradingview post, crypto
analyst RLinda delves into some compelling analysis concerning
Ethereum’s current performance. On the price side of things,
Ethereum corrected by a massive 11.5% in just two days after the
launch of Spot Ethereum ETFs on July 23. Although it has since
recovered some of these losses, Ethereum is still in this
corrective phase bounded by tests of key zones of interest around
the 0.5 Fibonacci retracement level and also testing the 200-day
moving average (MA-200). Related Reading: Technical Indicators Show
Strong Bitcoin Bullishness – New ATH On The Horizon? RLinda’s
analysis highlights that this corrective test of the MA-200
prompted a significant breakdown below the critical support level
of $3,200, with Ethereum’s price bottoming out at $3,115 on July
25. However, this dip below $3,200 proved to be a false breakdown,
as it triggered a strong influx of buyers who successfully
prevented further declines. To sustain the broader bullish
momentum, RLinda emphasizes the importance of bulls maintaining
Ethereum’s price above the $3,200 support level. If they succeed,
it could pave the way for a renewed bullish rally, potentially
driving the price to break through key resistance levels and target
the $4,000 to $4,900 range. “The main task of the bulls is to
keep the defense above the zone of interest at $3200. Further it
remains to wait for resistance retest with the purpose of its
breakthrough and further bull run to $4000 – $4500 – $4900,” the
analyst said. Achieving this bullish resurgence would require
Ethereum to overcome significant resistance around $3,357 and
$3,540, which are identified as strong order blocks. Current
Price Action At the time of writing, Ethereum is trading at
$3,370, having rebounded by 4.78% from a low of $3,219 in the past
24 hours. This recovery places the cryptocurrency just above
RLinda’s first resistance level of $3,357. Related Reading: Donald
Trump Reveals Plans For US Government’s 213,239 Bitcoin If Elected
Ethereum’s trajectory could unfold in one of two ways. The
cryptocurrency might continue its upward momentum and test the next
significant resistance at $3,540. Successfully surpassing this
level could pave the way for a breakthrough above the order block,
signaling further bullish potential up until $4,900. On the other
hand, Ethereum could face a reversal, potentially dropping
back below $3,300. This would suggest a retest of lower support
levels and a possible extension of the consolidation phase.
Featured image created with Dall.E, chart from Tradingview.com
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