Ethereum

Strong

Bitcoin

Resistance

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/ethereum-eyes-4000-mark" data-wpel-link="internal" rel="noopener noreferrer nofollow">Ethereum Eyes $4,000 Mark</a><br></p>
<p style="text-align: justify">Ethereum, the prominent cryptocurrency, has been consolidating above the $3,650 support level, suggesting potential movement towards the $4,000 mark shortly. After testing the $3,840 resistance, ETH entered a consolidation phase, currently maintaining a position above $3,700. Observations on the hourly chart for the ETH/USD pair indicate a short-term contracting triangle formation with support at $3,690. As long as Ethereum stays above the $3,450 support, its upward trend might persist.</p>
<h2 id="how-strong-is-ethereum-s-price">How Strong is Ethereum’s Price?</h2>
<p style="text-align: justify">Ethereum’s price surged past the $3,500 and $3,650 resistance levels, outperforming <a href="https://en.bitcoinhaber.net/bitcoin-price-soars-as-investors-usher-in-2024-with-optimism" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> in the process. The cryptocurrency hit a new weekly high at $3,838 and is now consolidating these gains. Ethereum has managed to stay above the 23.6% Fibonacci retracement level from $3,065 to $3,838, currently trading above $3,700.</p>
<h2 id="what-are-the-key-resistance-levels">What are the Key Resistance Levels?</h2>
<p style="text-align: justify">The immediate resistance for Ethereum lies around $3,780, with the first major resistance at $3,840. If ETH surpasses this, it could initiate a new upward wave, eyeing the next significant resistance at $3,920. Successfully breaking through these levels might propel the price towards $4,000.</p>
<h2 id="user-usable-inferences-key-takeaways">User-Usable Inferences: Key Takeaways</h2>
<p style="text-align: justify">– Ethereum must remain above $3,450 to sustain upward momentum.<br> – Immediate resistance zones to watch include $3,780 and $3,840.<br> – A clear move above $4,000 could lead to testing resistance at $4,080 and $4,200.<br> – Critical support levels are at $3,690 and $3,650; falling below these could trigger larger <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">market</a> sell-offs.</p>
<h2 id="what-could-trigger-a-downside-break">What Could Trigger a Downside Break?</h2>
<p style="text-align: justify">Despite its current strength, Ethereum faces the risk of a downside break if it struggles to overcome the $3,780 resistance. Key support at $3,690 aligns with the current trend line; maintaining this level is crucial to prevent significant price declines. A drop below the primary support at $3,650 could lead to further selling pressure, potentially pushing the price back to $3,450 or even $3,360 in a more pessimistic scenario.</p>
<p style="text-align: justify">In conclusion, Ethereum’s ability to stay above critical support levels and surpass key resistance points will determine its short-term trajectory, with a potential move towards $4,000 on the horizon.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/ethereum-eyes-4000-mark" data-wpel-link="internal" rel="noopener noreferrer nofollow">Ethereum Eyes $4,000 Mark</a></h5>

Ethereum Eyes $4,000 Mark

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