Following ETH's recent explosion above $3K, this is the next major target (Ethereum Price Analysis)

ethereum has recently seen a notable rally, surpassing key resistance levels including the $2,800 mark, and breaking the important psychological barrier of $3,000.

This upward move suggests a prevailing bullish sentiment in the market, with investors eyeing the crucial yearly high of $3,600 as the next target.

By shayan

The daily chart

A closer look at the daily chart reveals ethereum's impressive rally following a bounce off the 100-day moving average, confirming its strength as it reclaims the $2.8K resistance zone. The recent price action indicates strong bullish sentiment, with growing expectations that ethereum will reach a new all-time high (ATH) in 2024.

Despite the optimism, there is a note of caution regarding a possible widened bearish divergence between the price and the RSI indicator.

This suggests a probability of correction or consolidation in the short to medium term before ethereum makes its next significant move. For now, the price range between $2,800 and $3,600 is likely to contain ethereum's moves until a breakout occurs.

The 4 hour chart

Examining the 4-hour chart, a compelling bullish reversal can be seen near the multi-month ascending trend line, propelling ethereum to its highest level since April 2022.

This rise, coupled with a successful pullback above the previous crucial high, indicates strong buying interest aiming to push ethereum towards the important $3.6K resistance region. However, taking into account the recent price development and market sentiment, it seems more likely that the prevailing uptrend remains sustainable.

However, despite the notable bullish momentum, periodic downward corrections are expected amid the prevailing trend. Key support levels to watch include:

• The region of 2.8 thousand dollars
• The $2,500 region
• The $2,100 region
• The dynamic ascending trend line

While short- and medium-term corrections may introduce volatility, the overall outlook remains optimistic, with ethereum poised for further gains.

By shayan

ethereum has seen a solid bullish trend in recent weeks, fueling optimism among investors anticipating a retest of its all-time high. This chart illustrates ethereum funding rates and reflects the aggressiveness of market orders executed by buyers and sellers. Positive values ​​indicate bullish sentiment, while negative values ​​suggest bearish expectations among futures traders.

Following a consolidation correction in price action accompanied by a decline in funding rates, both metrics have increased markedly. This trend, if sustained, indicates a prolonged bullish trajectory for ethereum.

However, while rising funding rates align with the bull market, excessively high values ​​can pose challenges. Elevated rates increase the likelihood of long liquidation cascades, which could lead to sharp price declines. Therefore, careful monitoring of funding rates is crucial amid ethereum's bullish momentum.

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