ETH nears the big boss leel of overtaking $,4000 in the coming days.
Analyst debate over psychological retail reactions.
Some expect bears to try to win, but believe ETH will break $4,000 no matter their efforts.
The price of Ethereum has caught the collective attention of the greater crypto community. Presently, all eyes are on Ethereum as ETH nears the big boss level of overtaking the $4,000 price target. As BTC Dominance dips and altseason on the brink of arrival, analysts are debating over when the price of ETH will pump and what the psychological reactions will be from the retail traders.
ETH Nears the Big Boss Level of Overtaking $4,000
Expectations for Ethereum, the pioneer altcoin asset, to surge closer to its previous ATH set at $4,800 in the last bull cycle are growing stronger by the day. Presently, with BTC Dominance growing weaker, these expectations gain even more attention. Ever since BTC set its latest ATH at the $123,000 price range, the price of ETH has been steadily climbing higher and closer to the $4,000 price range.
What’s more, ever since this pump to BTC’s latest ATH price, the price of BTC has dropped to trade around the $117,000 and $118,000 price range. Meanwhile, the price of ETH has been thoroughly outperforming the price of BTC. This is a cyclic sign that signals a major change for the market, where ETH and altcoin dominance will slowly beat out Bitcoin Dominance. Several other signs, including those of altcoins making bullish signals on their price charts, are also indicating a shift for altcoins to surge.
https://twitter.com/TheCryptoLark/status/1948203637718593854
Meanwhile, a reputed analyst, Lark Davis, a long-time crypto trader and known in the crypto community, shares a bullish observation. As we can see from the image shared in the post above, Davis goes on to highlight an orange box. Here, he highlights how Ethereum dips into the lower orange box, which is an area of previous resistance, now trying to act as support around $3,500.
Above this orange box is what he calls the $4,000 big boss level. He states that what’s next is to watch if support holds here, and if ETH either consolidates or pushes higher. Adding one, he states that consolidation would be healthy, and could form a bull pennant here over a week or so. Either way, he concludes that the levels are simple, and sets support 1 at $3,500, support 2 at $3,000, and the breakout level at $4,000. He states that all three price points offer good long entries for a trade.
Analyst Debate Over Psychological Retail Actions
https://twitter.com/IncomeSharks/status/1948090585031807282
Another reputed analyst adds to the bullish conversation, this time with a focus on psychological reactions. He states that this price level for ETH is likely where people start thinking they should sell and take profits. The market will probably see some bears try and claim victory on the red candle. Still, the analyst concludes that by the end of the month, liquidity will win out and take ETH over the price target of $4,000.
