Ethereum’s price has seen a significant uptick recently, reclaiming key moving averages and resistance levels. This suggests a potential rally in the mid-term, with buyers eyeing a new yearly high. Technical analysis by Shayan on the daily chart shows that Ethereum has broken out of a sideways wedge pattern and is aiming to breach the $3.7K level to reach new highs above $4K.
On the 4-hour chart, Ethereum has broken a descending trendline and reclaimed the $3.3K resistance level, indicating strong buyer interest. However, the price has encountered a major swing high resistance level, leading to a consolidation phase. Breaking above this level could lead to another surge towards the $3.7K resistance zone. Sentiment analysis shows that the Taker Buy/Sell Ratio has surged above 1, indicating strong buying interest in the futures market and suggesting a bullish sentiment for Ethereum’s price moving forward.
Overall, Ethereum’s recent price action and technical indicators suggest a bullish outlook for the cryptocurrency, with potential for a rally towards higher price levels. While a correction to $3K is possible, the overall sentiment remains positive for Ethereum’s price to continue its upward trajectory. Investors and traders should keep an eye on key resistance levels and bullish confirmation signals to gauge the strength of the current rally.
