$ETH
Ethereum Breakout: $3,500 in Sight? 🚀
Ethereum has finally broken out, with its price surging past $3,280 and sitting just 9.65% away from reaching a four-year high of $4,891. The cryptocurrency is currently trading at $3,624.69, with a 5.52% increase in the last 24 hours.
Key Levels to Watch 📊
- *Resistance 1*: $3,525 (Fib 0.786), a crucial level to break for further gains
- *Resistance 2*: $3,715, a potential target for Ethereum's next move
- *Resistance 3*: $4,107, a significant level that could trigger intense buying activity
- *Support 1*: $3,307, a key support level to maintain the current uptrend
- *Support 2*: $3,107, a critical level that could dictate Ethereum's next move
Technical Indicators 📈
- *Hourly MACD*: Gaining momentum in the bullish zone, indicating a potential continuation of the uptrend
- *Hourly RSI*: Holding above the 50 level, signaling bullish sentiment and a possible push toward $3,500
- *EMA Cluster (4H)*: Bullish, all stacked below price, indicating a strong uptrend
- *Bollinger Bands (4H)*: Expanded, price above upper band, signaling increased volatility and potential for further gains
Market Sentiment 🌟
- *Institutional Investment*: Growing interest from institutions, with BlackRock adding 50,970 ETH to its holdings, indicates strong underlying conviction
- *Open Interest and ETF Inflows*: Suggesting a potential continuation of the uptrend, despite short-term rejections.¹ ² ³