• Major support levels: $ 4,000, $ 3,500
• Key Resistance: $ 4,380

Ethereum (ETH) is consolidating just below its all-time high and appears poised to attempt another breakout.

For the past few days, the bears have been unable to push the price below $ 4,000 psychological support. This is a sign of bull strength and signals that the market is looking to move higher. Because of this, it’s reasonable to say that ETH could break above its all-time high of $ 4,380 at any time.

ETH / USDT daily chart | Source: TradingView

Technical indicators

Trading Volume: The Ethereum volume continues to decrease as it accumulates in an ascending triangle (in blue). Volatility is expected to return in the next few days when ETH breaks out.

RSI: The RSI is holding just below the 70 level. This shows that the bulls are still in control of price. This is illustrated by the bears’ failure to push the price below $ 4,000 despite numerous attempts.

MACD: The histogram and the MACD line are both rising and support the continuation of the upward trend.

ETH / USDT 12-hour chart | Source: TradingView

Perspectives

Both technical indicators and price movements favor a continuation of the uptrend. If the bulls manage to push ETH above the current all-time high, a new rally will take place with the first target at $ 5,000.

Contrary to this assumption, if the bears push the price below $ 4,000, ETH could quickly fall to $ 3,500 due to the liquidation of long positions. However, this currently appears unlikely.

You can see the ETH price here.

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

SN_Nour

According to Cryptopotato

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