Ethereum Targets $4K Milestone: Momentum Builds Beyond $3,680 Resistance

  • Ethereum’s price stabilizes above $3,500, hinting at a potential surge towards the $4,000 mark.
  • A significant resistance break at $3,540 on ETH/USD charts suggests increasing bullish momentum.
  • “The next key resistance sits at $3,680, above which the price might gain bullish momentum,” highlighting a pivotal moment for Ethereum’s trajectory.

Ethereum price holds strong above $3,500, with indicators pointing towards a continued upward journey. A crucial test awaits at the $3,680 resistance, potentially paving the way to $4,000.

Ethereum’s Bullish Outlook Intact Above $3,500

Ethereum Chart ETHUSDT 4D on Binance

Ethereum has once again averted a prolonged downside correction, finding solid support around the $3,450 level. This resilience has allowed ETH to climb higher, surpassing the $3,520 resistance and positioning itself above the 100-hourly Simple Moving Average. The break above a critical bearish trend line at $3,540 on the hourly chart marks a significant bullish signal. With Ethereum now trading above these key levels, all eyes are on the immediate resistance at $3,600 and the major hurdle at $3,630 — the gateway to further gains.

Approaching the Crucial $3,680 Resistance

As Ethereum approaches the $3,680 resistance, the anticipation of a breakout grows. Surpassing this level could trigger a strong rally towards $3,800, with the potential to extend gains to $3,920 and possibly the coveted $4,000 mark. This scenario depends on Ethereum’s ability to maintain its current momentum and break through these critical resistance zones. The market’s optimism is cautiously optimistic, with technical indicators supporting a bullish outlook.

The Flip Side: Potential for a Pullback

However, Ethereum is not without its challenges. Failure to breach the $3,630 resistance could lead to another decline, testing initial supports near $3,540 and major support zones at $3,480 and $3,450. A decisive drop below these levels could see Ethereum retreating towards $3,325 or even $3,250, underscoring the importance of the current resistance levels as pivotal points for Ethereum’s short-term trajectory.

Technical Indicators Show Mixed Signals

While the MACD indicator is showing a loss of momentum in the bullish zone, the RSI remains above the 50 level, indicating a potential for continued upward movement. These mixed signals suggest a cautious optimism among traders and analysts alike, with a close eye on the $3,680 resistance as a decisive factor for Ethereum’s immediate direction.

Conclusion

Ethereum’s current stance above the $3,500 mark and its approach towards breaking the $3,680 resistance could signal the beginning of another significant rally. As Ethereum gears up for a potential lift-off towards $4,000, the cryptocurrency community remains watchful of its ability to overcome immediate hurdles. The coming days will be crucial in determining whether Ethereum can sustain its bullish momentum or if a pullback is on the horizon. For now, the path to $4,000 remains a tangible possibility for Ethereum, contingent on its performance at key resistance levels.

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Jocelyn Blake
Jocelyn Blakehttps://en.coinotag.com/
Jocelyn Blake is a 29-year-old writer with a particular interest in NFTs (Non-Fungible Tokens). With a love for exploring the latest trends in the cryptocurrency space, Jocelyn provides valuable insights on the world of NFTs.
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