📈 Ethereum surpasses 4300 USDT... Is 4500 the next target?
After breaking through the levels of 4000 and 4200 USDT in two days, ETH continues to lead the market with strong momentum. The current resistance between 4330 and 4350 represents the closest barrier, and breaking it with a daily close and high trading volumes could open the way towards 4500 and possibly 5000 USDT.
In the near term, there is significant support at 4200, followed by 4000, and breaking it could push the price to test the 3900–3760 USDT area where previous buying liquidity exists.
The Relative Strength Index (RSI) is currently in the overbought territory, indicating the potential for a correction or sideways movement before any new surge, as well as futures data showing an increase in Open Interest, which could enhance the likelihood of a "short squeeze" if the upward trend continues.
On the chart, the wave structure according to Elliott's theory suggests that ETH may be in the third wave of a bullish cycle, which is often the strongest provided it maintains a close above 4000.
🔹 Ethereum season or altcoin season?
ETH rose against BTC by more than 4% in 24 hours, with Bitcoin's dominance dropping from 64% to 59%, reflecting a shift of liquidity towards Ethereum, which is classic behavior for the beginning of Ethereum season, and it may later extend to altcoin season.
