Ethereum’s price has successfully surpassed the $4,000 resistance level and is currently consolidating its gains. Analysts believe that there is a possibility for the price to continue its upward trend and potentially reach $4,300, based on certain factors.
Firstly, Ethereum recently reached a multi-month high above $4,050, indicating strong bullish momentum. Additionally, the price is trading above $4,000 and the 100-hourly Simple Moving Average, suggesting a positive market sentiment.
Furthermore, there is a short-term breakout pattern forming with resistance at $4,060 on the hourly chart of ETH/USD. If the price manages to clear this resistance zone, it could resume its upward movement and potentially target the $4,080 resistance level.
In the event that Ethereum breaks above $4,120, it might gain further bullish momentum and rally towards the $4,300 resistance. Any additional gains beyond that level could lead to a test of $4,350.
However, if the price fails to overcome the $4,060 resistance, a downside correction could occur. Initial support can be found near the $4,020 level, followed by the $3,950 zone and the 50% Fibonacci retracement level at $3,920. Further losses could push the price towards $3,880 and potentially even the $3,780 level.
As always, it is crucial to conduct your own research and exercise caution when making investment decisions. The article serves educational purposes only and does not constitute financial advice.