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Ethereum Price Analysis: Will ETH Hit $4,000?
Ethereum Price Experiences Recent Pullback
Ethereum, the largest altcoin by market capitalization, has seen a decrease in value over the past few trading sessions. Despite this, the price of ETH remains above $3,100, indicating a potential bullish reversal in the near future.
With the crypto market becoming more volatile, investors are wondering if Ethereum will reach its yearly high above $4,000 or if it will consolidate around the $3,000 range. In this analysis, we explore the short-term possibilities for Ethereum (ETH).
ETH Price Drops 9.62% in 96 Hours
Amidst increasing FOMO in the cryptocurrency market, Ethereum has faced a significant bearish reversal around the $3,500 range. The altcoin has dropped approximately 10% since Tuesday, signaling a rise in market liquidation.
Despite this recent dip, Ethereum has still managed to gain 5.63% over the past week and 17.86% over the last month. With a year-to-date return of +35.94%, Ethereum currently boasts a market capitalization of $373.487 billion.
Ethereum Technical Analysis
Technical indicators such as the EMA 50/200-day moving average suggest a potential Golden Cross on the daily chart, indicating a positive outlook for Ethereum’s price movement. However, the RSI indicator may point to a bearish crossover due to increased market volatility.
ETH Price Prediction
If bullish sentiment prevails, Ethereum could retest the $3,200 resistance level in the coming weekend. Sustaining a price above this level may pave the way for a push towards $4,000 by breaking through the $3,700 resistance this month.
On the other hand, if bearish pressure increases, Ethereum’s price could revisit the $3,000 support level. Further uncertainty may lead to a drop towards the $2,800 support level.
Interested in investing in Ethereum before it reaches $5,000? Stay informed with CoinPedia’s Ethereum Price Prediction and subscribe for the latest crypto news updates!
FAQs
To reach $4,000, Ethereum would need to increase by 28.53%.
Ethereum’s price has the potential to hit $4,000 by the end of the year with a potential surge.
Currently, Ethereum is priced at $3,112 with an intraday correction of 2.56%.
The information in the article is for informational purposes only. It does not constitute any investment advice. The author and CryptoBlockNews.com are not responsible for your profits or losses arising from your investments. Investment is ultimately based on many foundations such as knowledge, accumulation, experience, research and personal decisions.
