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- Ethereum surges 1.68% trading at $3,815 with a 24.72% weekly growth and targets $4,000 resistance.
- Analyst Michael van de Poppe predicts a correction at $4,000 and suggests a potential buying opportunity.
- RSI at 66.77 indicates a lot of buying pressure and MACD indicates a slight downward pressure with a bullish momentum.
As of press time, Ethereum (ETH) is trading at $3,815, representing a 1.68% increase over the past 24 hours. The trading volume increased by 32.82% to reach $44.09 billion. Over the past week, the ETH coin price has gone up by 24.72%. This increase has attracted traders and analysts and they are currently targeting the resistance at $4000.
Source: CoinMarketCap
Michael van de Poppe highlighted that $4000 is key resistance. He believes that Ethereum may not be able to break through immediately. This correction is bound to occur, he opined, and that would enable the long positions to be shaken out and re-established. The resulting dip might serve as a possible chance to purchase additional ETH at a decreased cost.
Source: X
Short-Term Price Volatility
The Relative Strength Index (RSI) is at 66.77. Although this represents extreme purchase pressure, it is also entering the overbought territory. Once RSI approaches 70, there is normally a short-term downside. This would push the price down in the short term ahead of the next move.
Moving Average Convergence Divergence (MACD) has an indecisive signal. The MACD is at 28.89, slightly lower than the signal line of 29.07. The histogram is mildly negative at -0.18, which shows some downward pressure. Nevertheless, the two lines are in proximity, which indicates that Ethereum is in the general bull trend. It is possible that crossover will result in renewed upward momentum.
Source: TradingView
Also Read: Ethereum ETF Shake-Up: BlackRock Seeks Staking Approval as ETH Gains Lead
Posty revealed that the price of Ethereum had been moving. Trading last week was a beaut, he said, although the $3,650 target he had been touting was too modest. Although he has expressed optimism, he indicated that 4,000 is a strong resistance level. This may be a good time to lock in profits for swing traders. Long-term investors will not sell easily since they expect more growth.
Source: X
Ethereum Trading Volume Surge
The CoinGlass data shows that the daily trading volume is up 43.08%, and it amounted to $131.50 billion. The Open Interest increased by 5.03% to stand at the value of $57.71 billion. The OI-weighted funding rate stands at 0.0163%. This is a sign of confidence in the stability of Ethereum prices, although it may recently oscillate in the short term.
Source: CoinGlass
As Ethereum makes its way toward the $4,000 barrier, traders are keen to see whether it will break the upper line. If ETH succeeds in moving above this critical region, it may drive additional higher gains. Alternatively, the buyers might be offered new opportunities due to a correction. Ethereum is one of the most closely monitored assets on the crypto market.
Also Read: Ethereum Next Move: Breakout Above $4K or Collapse Below $3,300?
