HomeEthereumEthereum Price Analysis: ETH Surges Towards $3.5K, Recovers from Previous Losses

Ethereum Price Analysis: ETH Surges Towards $3.5K, Recovers from Previous Losses

-


Ethereum Price Analysis: Bullish Rebound Expected as Price Reaches Crucial Support Zone

After a bearish correction phase, Ethereum’s price has now reached a crucial support zone, marked by the 100-day moving average and the 0.5-0.618 Fibonacci levels. This support zone has seen strong demand, indicating a potential mid-term bullish rebound.

Analyzing the daily chart, Ethereum is currently in a significant support zone between the $3421 and $3289 Fibonacci levels, along with the critical support of the 100-day moving average at $3387. Market participants are expected to show interest in opening long positions in this area, leading to an increase in demand and a mid-term bullish reversal targeting the $4K resistance.

On the 4-hour chart, Ethereum’s recent corrective move has formed a bullish continuation flag pattern. If the price breaks out above the upper boundary of this pattern, it could signal a continuation of the bullish trend towards the $4K resistance. However, if the price drops below the $3.3K support, a decline towards the $2.9K support is likely.

The Ethereum funding rate metric, which indicates market sentiment, has shown a notable increase recently after a corrective phase. This uptick suggests that demand is present near the crucial $3.3K support level, potentially leading to a bullish reversal. If the funding rate continues to rise, it indicates a shift towards bullish sentiment in the futures market, making a mid-term bullish reversal more probable.

Overall, Ethereum is currently in a critical support region with significant potential demand, and analyzing market sentiment will be crucial in forecasting its next moves. Traders and investors are advised to stay informed and monitor key levels and indicators for potential trading opportunities.

LATEST POSTS

RedStone, a blockchain oracle, secures $15 million funding to integrate external data into networks

RedStone Oracles Raises $15 Million in Funding to Expand Services and Team RedStone Oracles, a leading provider of data feeds for blockchain networks, has secured...

Could Coinbase’s Negative Premium Signal a Huge Bitcoin Rally Ahead?

Analysts Provide Mixed Views on the Current Coinbase Premium and Its Implications for Bitcoin The Coinbase Premium has been a hot topic of discussion among...

Whale Takes Out $14.7 Million from Binance

PEPE Whale Makes Large Outflow from Binance A PEPE whale has made a significant move in the cryptocurrency market by withdrawing a large amount of...

Advisors Still Hesitant to Discuss Crypto Despite Bitcoin ETF Triumph

Financial Advisors and Crypto: What Needs to Change? The rise of spot bitcoin exchange-traded funds (ETFs) has been a major driver of the recent surge...

Most Popular