Ethereum Surpasses $4,000 Mark, Analysts Foresee Major Upsurge
Ethereum has regained a significant price point, with experts predicting substantial upward movement ahead.
Ethereum has bounced back, recently surpassing the $4,000 level, marking a 3.6% increase to reach $4,060 during Asian trading hours on Monday morning.
The cryptocurrency has rebounded nearly 10% since plummeting to $3,700 on October 17, though it still lags behind, trading 18% below its all-time peak.
According to Tradingview, ETH has managed to hold crucial support levels with the weekly closing candle standing at $3,985. This support zone is rooted in December’s highs and weekly closes.
Analyst Rekt Capital remarked that the price movement showed Ethereum wicking into its long-term downtrend, which had been broken months prior, indicating a retest attempt and maintaining its current range.
Major Uptrend Anticipated for ETH
Sykodelic noted, “There is not a single bearish indicator on the ETH chart. It’s exceedingly clear.” Several bullish indicators suggest a forming uptrend.
“This has been the largest psychological battle from market makers, convincing everyone that it’s the end when the ETH chart reflects otherwise.”
Analyst Merlijn the Trader believes that Ethereum is on the verge of significant growth, identifying a “textbook bullish pennant” in the monthly trends.
ETHEREUM IS BEGINNING ITS MOST EXPLOSIVE FORMATION SINCE 2017.
This isn’t speculation; it’s a proven pattern. Cycles speak the truth; $ETH is primed to etch its legacy.
Adding to the bullish sentiment, creator of the Bollinger Bands, John Bollinger, made a scarce prediction highlighting a ‘W bottom’ in the bands, representing a bullish reversal pattern. Futures trader Satoshi Flipper emphasized that Bollinger’s calls historically mark bottoming points in the market.
As Ethereum’s open interest declines 45% from its peak, it indicates reduced speculation in the market with the potential for ETH to move towards the $5,500 to $6,000 range without overheating, as noted by investor Ted Pillows.
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