- ETH price recorded an impressive growth to $3,670 while heading closer to the September high of $4,030
- ETH/USD price action indicates an influx of buyers at the $3,350
- Institutional adoption of ETH increases with the need for highly programmable money that powers apps on Web3
Over the past 12 months, Ether is up almost 1000%, with Bitcoin’s return above $50,000 and Ethereum past the $3,500 handle this week, the crypto market recaptured a market value past $1 trillion for the first time in months. This is the beginning of a larger surge-not just for ETH, but for all Altcoins and digital assets. ETH’s price recorded an impressive growth to $3,670 while heading closer to the September high of $4,030. As the upside run begins, ETH/USD price action indicates an influx of buyers at $3,350 above the moving average (MA 50). ETH/USD is trading in the green at $3,600 where a retest of the $3,700 may hold as buying sentiment increases. There was no single event that caused ETH values to rise. However, large Ethereum buyers have continued to add to their holdings, according to recent on-chain data. Ethereum layer-1 scaling solutions has become the benchmark. Institutional adoption of ETH increases with the need for highly programmable money that powers apps on Web3. Analysts have assessed the Ethereum price trend and forecast that the Altcoin is on the brink of a meteoric rise.
Resistance Levels: $4,400, $4,000, $3,700
Support Levels: $3,500, $3,200, $3,000
ETH/USD Daily Chart: Ranging
ETH/USD Daily Chart
The Ethereum chart depicts an optimistic view of the crypto market as a whole, with bullish signals surpassing the pessimism seen in September. Following a series of profound higher highs and higher lows, Ethereum remains bullish on major time horizons. As demand for Ethereum increased, the ETH/USD pair soared. The pair climbed above the $3,500 psychological zone, capped beneath since mid-September.
It also managed to break through the $3,600 resistance mark. The moving average (MA 50 and MA 200) are both beneath the pair. It’s also along with the daily charts Relative Strength Index upper line past 60. The ETH/USD is likely to continue climbing as bulls aim for the next significant resistance level of $4,000. Support emerged near the MA 50 on the downside if there is a chance of a dip beneath the $3,400 level.
ETH/USD 4-Hour Chart: Ranging
ETH/USD 4-Hour Chart
On the time frame, the ETH/USD pair seems constricted by the horizontal level of $3,700. Buyers could be waiting for a breakout to activate orders towards the $4,000 level. The pair must climb over $3,700. If not, there is a chance of further losses in the near term, possibly towards the $3,200 level. The 4-hour chart suggests a mild rejection under the $3,700 barrier.
If sellers renew the bearish pressure on the pair beneath $3,200, the road is wide-open for further weakness as there is no close support till the $2,700. A leg higher past $3,700 would run stops from bears and accelerate any buying with a surge towards $4,000. It might be a strong positive indicator if it breaks above $3,700. However, the early signals aren’t good, suggesting that the path of least resistance is still below.
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