NEW DELHI (CoinChapter.com) — Ethereum (ETH) is signaling a major uptrend above $4,500. The current price action suggests a high chance of a move to a new all-time high.
Ethereum Price Could Surge Over 15%
In the past few weeks, Ethereum’s price significantly increased above the $3,000 resistance. ETH gained pace and traded above the $3,500 resistance zone to move further into a bullish zone, like Bitcoin. However, BTC was able to trade to a new all-time high above $69,200, but ETH is still lagging.
It now shows better bullish signs above the 50-week simple moving average (blue). It is also trading well above the 61.8% Fib retracement level of the last main decline from the $4,864 swing high to the $881 low.
The last 4-5 weekly candles were strong and suggest more upsides in the coming days. The bears are currently active near the $3,940 resistance zone. The 76.4% Fib retracement level of the last main decline from the $4,864 swing high to the $881 low seems a minor hurdle.
Recommended For You: 3 Explosive Bitcoin Catalysts Set to Send BTC Price to $100K by Oct. 2024
If Ethereum’s price clears the $3,940 resistance, it could open the doors for a move toward the $4,864 high. Intermediate resistance might be $4,500. In the stated case, the price might even spike above $5,000 before a downside correction occurs.
Dips Supported In ETH?
On the downside, many supports are forming. Immediate support is near the $3,500 pivot level, and the first support is at $3,340. Ethereum also follows a crucial parabolic curve, with support at $3,340 on the weekly chart.
A weekly close below $3,340 might spark strong bearish moves in ETH. The bears might aim to move toward the $2,880 support zone in the stated case. Any more losses might send the price toward the 50-week simple moving average (blue) at $2,000.
Overall, Ethereum’s price has gained above the $3,800 level. If the bulls remain active above $3,340, ETH might soon rally past $4,000 to test $4,500 and then $5,000 in the coming weeks.
Trading Ethereum is a piece of cake when you have a user-friendly crypto trading platform! Try Binance, the world’s leading crypto exchange in terms of liquidity and volume.
The post Is Buying ETH ‘Really’ Sensible After Bitcoin’s Boom to Record High? appeared first on CoinChapter.
