Ethereum’s value surged in tandem with Bitcoin’s climb past the $70,000 mark, reflecting a positive sentiment in the market.
Despite experiencing a correction after trading within a narrow range, Ethereum’s price suggests a bullish momentum.
If Ethereum manages to hold support above $3,472.75, it could potentially reach resistance levels at $3,666.11 and $3,881. On the other hand, a trend reversal could lead to a test of support at $3,274.
Recently, Ethereum has gained value as Bitcoin surpasses $70,000. This increase in Ethereum’s price coincides with the highly anticipated Bitcoin Halving event, which indicates a rise in the number of Hodlers and a positive outlook for the crypto space in the coming months.
The bullish sentiment surrounding Ethereum has sparked interest among investors and traders, who are closely monitoring the cryptocurrency’s price movement for potential opportunities.
Ethereum’s price has fluctuated within a narrow range of $3,881 to $4,068 for over a week, but then faced downward pressure, resulting in a 22.59% correction over the following seven days. However, buyers regained momentum after a dip to $3,149, leading to a 12.25% increase before encountering resistance around the $3,472 mark.
Since then, Ethereum’s price has consolidated between $3,274 and $3,666, indicating a lackluster performance for the leading altcoin in the cryptocurrency market. Despite this consolidation, technical indicators suggest the possibility of a bullish breakout in the near future.
The Cross EMA 50/200-day demonstrates a high likelihood of a Golden Cross, indicating a strong bullish outlook for Ethereum in the coming period. Additionally, the Moving Average Convergence Divergence (MACD) shows a consistently green histogram, highlighting increased buying pressure over selling pressure in the market.
If ETH’s price remains above the support level of $3,472.75, the bullish sentiment is expected to continue, with a potential test of the resistance level at $3,666.11 over the upcoming weekend. Sustaining this level could pave the way for Ethereum to target the higher level of $3,881 in the following week.
However, in the event of a trend reversal, where the bullish momentum weakens, the price may decline and test the support level of $3,274 this week. If bears maintain control, Ethereum’s price could further decrease, possibly testing its lower support level of $3,149.