- Ethereum bounced back from $3,100, approaching key resistance levels, signaling potential breakout.
- Support zone is between $3,030 and $3,130, with resistance from $3,640 to $3,740, guiding the next trend.
- ETH’s breakout above a descending channel suggests bullish momentum, with a target of $4,100 to $4,800.
Ethereum (ETH) has experienced significant turbulence in the market recently, reaching a low of $3,100. However, this decline has not deterred investor optimism. After hitting this low point, ETH has bounced back, showing promising signs of surpassing resistance levels. The cryptocurrency is now gaining ground again and is on the verge of a potential breakout.
Crypto expert Ali Martinez pointed out that Ethereum’s most important support zone lies between $3,030 and $3,130, while its major resistance range is between $3,640 and $3,740. A sustained price movement outside of these levels will likely determine the next direction for ETH’s price trend. Ethereum’s ability to hold above the key support range could signal further bullish momentum.
As of now, ETH is priced at $3,397.63, with a 24-hour trading volume of $29.96 billion. The asset boasts a market capitalization of $409.27 billion, contributing to a market dominance of 12.24%. Over the past 24 hours, ETH has experienced a slight uptick of 1.47%, which signals growing investor confidence.
Ethereum Surge Expected, Target $4,000
From a technical standpoint, ETH has recently formed a descending channel pattern on the weekly chart, and the price has broken above the upper trend line. This technical shift suggests that bullish sentiment is building up. With Bitcoin reaching new all-time highs, Ethereum could follow suit with a potential rise.
There’s also a possibility that Ethereum will consolidate above the $3,400 level, which could present a buying opportunity for investors. If Ethereum manages to break through the next resistance levels, the price could soar to $4,100 or even $4,800, marking a significant rally for the cryptocurrency.
As Ethereum works to regain its footing in the market, all eyes are on the key support and resistance levels, with many investors eagerly awaiting a breakout that could signal the next phase of growth for the leading smart contract platform.
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