ethereum price has encountered intensified buying activity, driving a significant rise towards a fundamental resistance zone, particularly the previous yearly high of $3.6K.
A breakout above this crucial level could set the stage for ethereum to set a new all-time high (ATH) in the near term.
By shayan
The daily chart
A close examination of the daily chart underlines ethereum's strong bullish momentum, as the price experiences a substantial and impulsive upward move, reaching the critical resistance area represented by the previous yearly high of $3,600.
Despite the formidable $3,600 barrier, ethereum's overall outlook remains very bullish, with market participants largely anticipating a successful breakout of this level in the coming weeks.
Such a breakthrough would likely signal the expansion of the bullish trend towards ethereum's ATH, positioning the price for a new high in the medium term. However, until such a breakout occurs, the $3.6K price range is likely to serve as a containment zone for ethereum's moves.
The 4 hour chart
Analysis of the 4-hour chart further confirms ethereum's strong upward trajectory, propelling it to its highest level since April 2022. This rise, accompanied by a series of higher highs and lower lows, reflects significant buying interest aimed at push ethereum towards the notable resistance level. from its ATH to $4.8K.
However, ethereum is currently very close to a substantial resistance zone defined by the critical threshold of $3.6K. Given the strength of this price range and the rapid rise of the current bullish rally, periodic correction phases within the overall trend are expected to allow for market consolidation. Key support levels to monitor during such corrections include $3,000, $2,800, and $2,500.
While short- and medium-term corrections may introduce volatility, the overall sentiment remains positive, with ethereum primed for further upside potential.
By shayan
ethereum has risen significantly, underscoring investor confidence and an increase in buying activity. A key metric that reflects market dynamics is ethereum funding rates, which measure the aggressiveness of trades executed by buyers and sellers in the futures market. Positive rates indicate a bullish outlook, while negative rates suggest a bearish sentiment among traders.
Recently, ethereum funding rates have increased along with its uptrend in price, indicating a sustained bullish trajectory. However, while rising funding rates often coincide with bullish market sentiment, excessively high values can present challenges. High rates increase the risk of long liquidation cascades, which could trigger unexpected price pullbacks. Therefore, it is essential to closely monitor funding rates amid ethereum's bullish momentum to gauge market stability and anticipate potential price movements.
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Cryptocurrency charts by TradingView.
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