- Ethereum price nearing $4,800 resistance, with potential to reach $6,942 if it breaks through.
- Ethereum price nearing overbought levels with RSI approaching 70, suggesting a possible pullback before further gains.
- Ethereum finds support at $4,107-$4,000, offering strong bounce potential if price declines.
Ethereum price has been on an impressive upward movement in recent days, reaching around $4,744. This recent surge has brought Ethereum closer to a significant resistance level at $4,800. With this price movement, many are questioning whether Ethereum can break through this barrier and set a new all-time high (ATH). While the market sentiment remains bullish, key technical factors suggest that investors should be cautious as the price approaches these critical levels.
Ethereum Price Targets $4,800 Resistance as Bullish Trend Strengthens
In recent weeks, the Ethereum price has been on a steady upward trend, driven by a bullish market sentiment and investor attraction. Ethereum price has appreciated by approximately 21% over the last month, with whale investors holding on to their positions, indicating that there is confidence in Ethereum future. Analyst IncomeSharks suggests that exceeding the resistance zone at $4,800 can trigger the new growth, and a new all-time high might be achieved.
Nevertheless, the Ethereum price is close to becoming overbought, the Relative Strength Index (RSI) is almost at its 70 mark. This is an indication that there is a possible short-term retracement or consolidation phase to come before the price trends higher. Should Ethereum price be able to go above the resistance at $4,800 and sustain it, the next possible resistance level would be $6,942, further proving the bullishness.
A pullback would have the Ethereum price supported at the levels between $4,107 and $4, 000 which has a 70% likelihood of bouncing off. Traders spot a strong entry point in this range. According to analyst Michaël van de Poppe, the recent trend has been driven by rising volume, which is an indication of Strong market interest in the Ethereum price rally. Investors may find an attractive entry point in the event of a pullback to these levels.
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Finally, whether Ethereum price will be able to breach the resistance of $4,800 will be critical to its further action. Should Ethereum manage to maintain above this level, then the resistance level of $6,942 may be in sight. But a correction in the support levels would provide traders with improved entry points to capitalize on the long-term potential of Ethereum.
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