Ethereum’s price is on the verge of a major move, and if bulls are successful, it could reach $4,000. The current resistance at $3,725 needs to be cleared for the upward momentum to continue. Ethereum has already surpassed the $3,600 and $3,650 levels, forming a base for further gains.
The price is currently consolidating after reaching a new weekly high of $3,726. It is trading above the 23.6% Fib retracement level and the 100-hourly Simple Moving Average. A bullish trend line is also forming, providing support around $3,480.
If the resistance at $3,725 is breached, Ethereum could rally towards $3,750 and potentially even break through the $3,880 level. In the best-case scenario, the price might even reach $4,000. However, if the resistance holds, a downside correction may occur. The immediate support level is around $3,620, followed by $3,500 and the trend line support at $3,420.
Technical indicators, such as the MACD and RSI, are showing bullish signals, adding to the positive outlook for Ethereum. Traders are advised to conduct their own research and be aware of the risks involved before making any investment decisions.