Ethereum tries to break past the $4,000 price range.
ETH has failed 7 times to break this level, putting it under extreme pressure.
Another rejection here could lead to a $3,100 correction.
The price of the pioneer altcoin, Ethereum (ETH), struggles to break past the $4,000 price range and is working its way up to push past this resistance level once again. Analysts are watching the charts closely as Ethereum tries to break past $4,000 once again. According to some, a rejection here could push the price of ETH into a correction state that will take it to the $3,100 price range instead.
Ethereum Tries to Break Past $4,000
At the moment, expectations for ETH to pump and break past the $4,000 price range are very high. This is because this price range of $3,800 to $4,000 is under a lot of pressure since the ETH has tried to break past this area 7 times and has been rejected just as many times. But it is exactly this fact that makes a breakout now more likely than ever, and a break past $4,000 coulr lead to a $4,200 trend high.
Another reason pointing to a likely $4,000 ETH price breakout is the fact that over the last few weeks, the price of ETH has gone from $3,700 to surpass both the $3,800 and $3,900 price range targets. However, a small price dip sent the price of ETH tumbling from the $3,900 range to $3,400. Since then, the price of ETH has been on a steady recovery to the $4,000 range and is currently trading at $3,600, showing strength.
https://twitter.com/IncomeSharks/status/1952460843326828965
As we can see from the post above, expectations are very high for the pioneer altcoin Ethereum (ETH). The analyst in the post above says ETH OBV looks great. He marks how higher lows continue, and a nice bullish structure is forming. He says he will not consider selling ETH anymore unless it loses the blue line as support, as highlighted in the image in the post.
Rejection Could Send ETH to $3,1000
Furthermore, the analyst adds that ETH is now positioned to see its price go higher and break the $4,000 price target. However, he also states that it is always good to have a backup plan in case the price declines suddenly. This leads to another analyst with a similar point of view. In detail, he believes that traders should be mindful of ETH over the next two weeks.
https://twitter.com/Sykodelic_/status/1952426179627044865
As explained in the post above, this analyst says that it is crucial for ETH to get back above $3,850 and close on the 1-day price chart. If it doesn’t, ETH could slip into an ABC correction and fall to $3,100. He also mentions how the 3D RSI entered overbought at the peak, and could take a little longer to gather the steam to break the $4,000 target. Lastly, he states that ETH could consolidate for a while above $4,000 before higher highs.
