Ethereum Hits $3,500 Mark, Eyeing $4,000 Next
Date: 2024-03-01 Author: Dima Zakharov Categories: BLOCKCHAIN
Ethereum Surpasses $3,500: Breaking Down the Rally
Ethereum (ETH) has achieved a remarkable feat by surpassing the $3,500 mark, although sustaining at these heights proved challenging. The cryptocurrency surged amidst an upward trend, breaking through both short-term and long-term resistance levels.
Reaching $3,500 Milestone
Analyzing the weekly chart reveals ETH's trading within an ascending parallel channel established since June 2022. Despite two unsuccessful attempts to breach resistance, February 2024 witnessed ETH finally overcoming the hurdle and rallying above the mid-point of the long-term range between $1,400 and $4,000.
Bullish Signals from Relative Strength Index (RSI)
The weekly Relative Strength Index (RSI) is signaling bullish momentum, indicating an advantage for buyers as the indicator climbs above 70. This suggests a bullish trend, with traders closely monitoring the RSI to gauge asset accumulation or selling pressure.
Analyst Insights
Several crypto traders and analysts on social media platforms like X (formerly Twitter) anticipate a larger upward trend for Ethereum. Some predict a surge to $5,500, while others like InmortalCrypto foresee a rally towards $10,000. Byzantine General highlighted factors contributing to ETH's further strengthening.
Price Forecast: Targeting $4,000
Technical analysis, including Elliott Wave theory and RSI signals on the daily chart, supports continued ETH growth. The most probable wave count suggests ETH is in the third wave of a five-wave upward movement, potentially reaching a peak. However, failure to breach $3,640 resistance could lead to a 13% decline to the nearest support at $3,000, completing the fourth wave.
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