Overview:

As of the latest data, $ETH 's market capitalization stands at $469.67 billion, reflecting a robust 50.30% increase over the past 30 days. Additionally, its 24-hour trading volume is a substantial $53.59 billion, indicating strong market participation and interest.

Ethereum Price Analysis:

On the 4-hour chart, Ethereum’s price action is currently forming a rising channel pattern, signaling a bullish trend. $ETH has recently broken through the significant resistance level of $3,900, with the current price hovering around $3,899.58. This upward movement follows a notable 10% surge, driven by a bounce from the local support trendline and the 50-period Exponential Moving Average (50-EMA). Notably, this rally has been characterized by seven consecutive bullish candles.

However, the most recent 4-hour candle reveals two Doji formations, suggesting indecision as the price continues to extend its range. This is accompanied by a post-retest reversal of the recently broken supply zone. The retest reversal began with a Morning Star pattern, which pushed the price to a peak of $3,914, followed by a bullish engulfing candle. Over the past 24 hours, Ethereum has appreciated by 1.35%, and it has gained 8.80% over the past 7 days, underscoring the ongoing bullish sentiment in the market.

Technical Indicators and Price Targets:

The MACD (Moving Average Convergence Divergence) indicator has yet to show a bearish crossover, and the resurgence of positive histograms further supports the prevailing bullish trend. Additionally, both the 20-day and 50-day EMAs maintain a positive slope, serving as dynamic support levels for Ethereum’s price action.

Looking ahead, Ethereum appears poised to surpass its current 52-week high and may target the overhead resistance trendline near the $4,100 level. On the downside, the recently flipped resistance-turned-support zone at $3,750 is expected to provide significant support in case of any potential pullbacks or supply pressure.

Conclusion:

With the current bullish momentum and technical indicators supporting further gains, Ethereum is likely to challenge its 52-week high in the near future, potentially reaching new price levels. However, investors should remain cautious of any signs of indecision or bearish reversals as the price nears key resistance levels.

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