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- Ethereum trades at $3,735, showing a 2.36% increase in 24 hours, with strong market performance despite volatility.
- Analysts expect Ethereum to reach $4,100, driven by solid support and breakout patterns.
- RSI at 59.52 and MACD confirm bullish momentum, indicating further potential for Ethereum growth.
As of press time, Ethereum (ETH) is trading at $3,735 with a 2.36% increase in 24 hours. Ethereum demonstrates a stable growth of 3.62% as of last week. The 24-hour trading volume is $46.53 billion, up 3.3% over the last day. These figures indicate the strong performance of the cryptocurrency in a volatile market.
Ethereum Support Resilience
More Crypto Online revealed that Ethereum is still resisting crucial support. Although they mentioned that it might be the beginning of a C-wave to the downside, they clarified that the pullback is not impulsive. Rather, it seems to be a 3-wave correction, bringing in the feeling that one more higher high is achievable. This discussion shows that Ethereum may experience further gains despite the temporary retracement.
The Cryptomist highlighted an effective breakout and a retest, which is indicative that Ethereum may experience further increased value. At this point, they expect the altcoins to go up as Ethereum reaches new local highs; their target price for Ethereum is $4,100. This discussion illustrates the rising optimism about Ethereum becoming the market leader in the short term.
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Relative Strength Index (RSI) indicates a healthy bullish zone at 59.52. It is not yet overbought, meaning that it still has potential to increase. The MACD line reads 5.74 higher than the signal line, which reads 3.08, clearly signaling an upward motion. The MACD Histogram has a positive value of 8.82, which further confirms the existing bullish trend.
Source: TradingView
Positive Market Sentiment
The CoinGlass data also confirms this positive mood. There has been an increase of 2.92% in open interest in Ethereum to the level of $55.57 billion. The trading volume increased by 0.93% to $144.22 billion. Such numbers demonstrate that investors are confident that ETH will continue to develop. The ETH OI-Weighted Funding Rate is 0.0094%, a positive indication in the market.
Source: CoinGlass
ETH continues to show support above crucial levels. The positive market sentiment and its technical indicators mean that the cryptocurrency has the potential to undergo additional growth. ETH may soon hit the $4,100 mark as the bull run persists. Its price action will be followed closely by traders and investors.
Also Read: Ethereum Holdings of BitMine Exceed $2 Billion as Company Surpasses SharpLink in Crypto Assets
