Ethereum (ETH)Ethereum price is trending more bullish later in the week after breaking the $3000 level. If the bulls can maintain this bullish momentum, it seems likely that ETH price will continue to rise.
Target is $ 4000 in Ethereum!
Ethereum price Today, it’s trading around $2943 on the higher end of this month and the bulls appear to be gaining some strength overall. First, ETH price bounced off the median line perfectly six days ago and continued to sustain a major bullish engulfing candlestick on the 2-day chart. If market conditions continue, Ethereum price could see an increase towards $4000 in the coming weeks.
It looks like there are two more hurdles to break before the 17% rally in ETH price from the median line to the current levels shows that the bulls are confidently in control of the trend.
First of all, an Ethereum price of $3000 represents a psychological level in the crypto world and will likely remain significant for participants. Second, ETH is facing the upper resistance barrier in the daily trend channel. This level will need to be maintained if technical price action clears a firm close above $3100 and the support can lead to more gains.
The bullish thesis may be invalidated if Ethereum price fails to hold the $2550 level. If the bears manage to push prices down that much, the upside momentum will likely subside. Investors can expect ETH prices to remain low as the bears aim to challenge the $2400 and $2300 support, respectively.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.