Ethereum Targets $4,000: Key Indicators Suggest Continued Uptrend
Ethereum has demonstrated a robust 40% gain on the weekly chart, signaling strong bullish momentum. Technical indicators support the potential for ETH to reach the $4,000 mark within the next 4 to 6 weeks.
RSI Breakout: The Relative Strength Index has broken out on the weekly timeframe, indicating increased buying pressure.
MACD Bullish Crossover: The Moving Average Convergence Divergence shows a bullish crossover, suggesting upward momentum.
200-Week Moving Average: ETH's price has broken above the 200-week moving average, a critical resistance level now turned support.
Stochastic RSI: This indicator reflects bullish momentum, further supporting the upward trend.
External factors also play a role. Bitcoin BTC updating its all-time high could positively influence ETH's price. Additionally, the continuous growth of the M2 money supply may drive more investors toward cryptocurrencies as a hedge against inflation.
Investors should monitor these indicators and market conditions closely, as they collectively point toward a potential continuation of Ethereum's upward trajectory.