ethereum has been struggling with the $4,000 resistance level since early December, facing difficulties in breaking this critical threshold. Despite these challenges, the price structure suggests that ethereum is preparing for a significant move. Investors and traders are closely monitoring this range, anticipating a possible breakout that could lead to new yearly highs.
Top crypto analyst Jelle recently shared an insightful technical analysis on x, highlighting ethereum's strong bullish setup. According to Jelle, eth is on the brink of a “monster breakout” as it continues to consolidate just below its yearly high. It suggests that once eth decisively surpasses the $4,000 level, the momentum will fuel a massive rally, potentially unlocking unexplored price levels for the leading altcoin.
This prospect has sparked optimism among ethereum supporters, who believe that the asset's next move will set the tone for the broader crypto market. With eth maintaining solid support levels and showing signs of strength, the possibility of a sustained uptrend appears increasingly likely. As market sentiment rises, all eyes are now on the $4,000 barrier, which is the key to ethereum's next big price surge.
ethereum ready for new ATH
ethereum is positioning itself for a potential rally above its all-time highs, but first, it must break past yearly highs around $4,100. The price has been facing constant resistance around the $4,000 mark, causing doubts about breaking this crucial level. However, analysts are watching closely, expecting a breakout once eth breaks this multi-year resistance.
The best analyst Jelle <a target="_blank" href="https://x.com/CryptoJelleNL/status/1867490405060948410″ target=”_blank” rel=”noopener nofollow”>recently shared a technical analysis on xsuggesting that ethereum is on the brink of a “monstrous breakout.” According to Jelle, the next big move for ethereum will see the price enter five-figure territory. He strongly believes that once ethereum reclaims the $4,000 level and consolidates above it, the momentum will lead to a massive rally that could push eth to new all-time highs.
Bullish sentiment around eth is growing as market conditions appear favorable for a continued uptrend. If eth manages to overcome the $4,100 resistance and sustains above the $4,000 psychological level, the rally could be explosive, paving the way for significant gains. ethereum's fundamentals remain strong, and ongoing developments in the DeFi and ethereum 2.0 space increase its appeal.
For now, ethereum price action is in a crucial zone. A break above $4,100 could trigger the bull run that many traders are hoping for, while failing to break this level could lead to further consolidation. However, analysts remain confident that eth will eventually break through, ushering in a major price rally.
Price action: technical details
ethereum is currently trading at $3,900, maintaining its strength above the key demand level of $3,600. This shows resilience in the market as eth consolidates and prepares for its next move. However, key resistance remains at the $4,000 mark, and if eth fails to break above this level in the coming days, a pullback towards lower demand levels could be expected. Traders will closely monitor the $3,600 level as a crucial support zone to determine if the current consolidation will hold.
On the other hand, if eth successfully breaks the $4,000 level and holds it as support, a bullish rally could ensue. A sustained move above $4,000 would signal continuation of bullish momentum, which could lead to new yearly highs. The $4,000 level has acted as a key psychological resistance, and breaking above it could generate further buying interest and lead to further gains.
Overall, eth is at a crucial point. A break above $4,000 would likely trigger a strong rally, while failure to do so could result in a short-term pullback, testing lower support zones ahead of any potential continuation of the uptrend.
Featured image of Dall-E, TradingView chart
