Ethereum has maintained its bullish momentum, decisively breaking through key resistance zones and reclaiming the psychological $4K level.
While some cooling-off is likely, the broader trend still favors further upside.
ETH Price Analysis: Technicals
By Shayan
The Daily Chart
Ethereum awoke from its slumber, a liquidity raid beneath $3.5K acting as the catalyst for a ferocious rally. Like a coiled spring unleashed, buying pressure exploded, catapulting ETH past $4,000 – a key psychological barrier and the site of former battles on the daily chart. The bulls had returned, and the game was afoot.
Bitcoin blasts past $4,000! Hold on tight, though – gravity might call for a quick dip to retest this newfound altitude. Think of it as a slingshot, pulling back before launching towards the $4,500 peak.
The 4-Hour Chart
Zooming in, ETH’s price has cut through multiple resistance levels with strong bullish conviction, reflecting increased buying momentum.
The market’s ascent might be catching its breath, poised for a temporary dip to fuel the next surge.
Ethereum’s uptrend is a force to be reckoned with, but pullbacks are inevitable. Keep your eyes glued to the 0.5-0.618 Fibonacci retracement zone – it’s the battleground where bulls will make their stand. If Ethereum holds this line, brace yourself for a slingshot to new all-time highs, venturing into price discovery territory. This isn’t just support; it’s the launchpad for the next ascent.
Onchain Analysis
By Shayan
Ethereum eyes a clear shot at its peak! The ETH Liquidation Heatmap paints a bullish picture, revealing a surprisingly smooth ascent to all-time highs. No significant liquidity walls stand in its way, suggesting a rocket-fueled trajectory for the crypto giant.
But lurking just below, around $3.6K, lies a pool of liquidity, thick with the ghosts of bullish dreams. This level is ground zero for leveraged longs, a tempting target for market sharks eager to trigger a cascade of liquidations. Watch closely; this is where the rally’s fate could be decided.
Brace for impact: a potential dip to $3.6K could be the market’s clever ruse before its next ascent. This zone is a liquidity pool, a siren song for whales seeking to trigger stops and shake out weak hands. Watch it like a hawk; a touch here could ignite a volatility inferno and a swift price reversal, rewarding the vigilant and punishing the complacent.
Thanks for reading Ethereum Price Analysis: ETH Might Cool Off but $45K is Still in Sight
