$4k ETH next? Ethereum Price Rally found resistance above $2,500
Ethereum seems to be rallying again in anticipation of a rally, with many analysts targeting $4,000 in the near term.
TLDR
ETH price strengthened above the $2,780 support level, followed by high resistance at $2,880, then $2,920 and $3,000 psychological barriers, strong support was found at $2,725 and $2,700 levels. The $2,500 resistance and high RSI suggest that ETH may reach $4,000
After consolidating support above $2,780 for the past week, ETH has shown significant strength by retracing the $2,800 level. This signal indicates that traders are ready to push higher, setting their sights on the next psychological $3,000 mark.
The recent rally saw ETH rise above $2,850 to mark a multi-week high of $2,870 before even pulling back. This move built on the high momentum that came on Ethereum's break last week, breaking above the $2,500 resistance.
With ETH holding the ground above $2,800, the path to a push higher seems clear. The next major test is at the $2,880 resistance, but analysts expect this to accelerate to $2,920 and, if broken, create a $3,000 barrier.
$ETH just broke $2800, it's time to check out some of your favorite holdings. #altcoins move parabolic. We are heading somewhere. Hope you're ready for legend! pic.twitter.com/d34aLZBZaW
– NOBLEcoins???? (@NobleCoins) February 15, 2024
If the lower pressure of the event continues again, Ethereum now has a new higher base at $2,780 in the last days. This provides a strong support surface on any short-term dips, supported by the 100-hour SMA.
If the bears wrestle temporary control, further solid foundations lie at $2,725 and $2,700. But key technical indicators remain bullish for now.
The bullish view is echoed by many experienced ETH analysts. Zusuirad Nezrock sees Ethereum price reaching $3,000 in short order as the bullish momentum continues to expand. Others have set their near-term target higher at $3,400.
Driving these bullish forecasts is Ethereum's clean breakout from the crucial $2,500 horizontal zone, which has had limited price action since mid-2021. After several failed attempts to overcome this hurdle, ETH finally made the determination to print a new high above $2,825 in 2024.
With the resistance now replaced by support at $2,500, analysts are looking at a steep upward parallel channel that will carry Ethereum higher. The upper border of this channel meets the $3,600 mark, analysts suggest that $4,000 is the next highest point as it stretches its legs.
