Ethereum has recently breached a significant resistance level, crossing the psychological milestone of $4K and achieving a new high for the year.
A thorough analysis of the daily chart indicates a prevailing bullish sentiment surrounding Ethereum, evident in a strong and sudden upward surge that surpassed the critical resistance at $4K. This surge reflects heightened interest from market participants in Ethereum, resulting in increased volatility.
However, in the event of a continued corrective retracement, Ethereum’s price is expected to find support around key levels within the Fibonacci retracement, specifically between the 0.5 and 0.618 levels.Further examination of the 4-hour chart confirms the presence of buyers in the Ethereum market, propelling the price to its highest level since April 2022.
Nevertheless, it is important to recognize that healthy bullish markets often experience periods of consolidation correction, allowing the asset to rest and rebuild demand. Therefore, it seems likely that the price will find support in the medium term, continuing its overall upward trend.Ethereum’s price has surged rapidly in recent weeks, briefly surpassing its previous all-time high of $4,000.
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