Ethereum appears to be gathering momentum again in anticipation of a breakout rally, with multiple analysts targeting a move to $4,000 in the near future.

TLDR

ETH price showing bullish signs, consolidating above $2,780 support level
Next major resistance at $2,880, then $2,920 and $3,000 psychological barrier
Strong support found at $2,725 and $2,700 levels if bulls lose momentum
Analysts predict ETH continuing upward trend to $3,000 soon, then possibly $3,400
Breakout from $2,500 resistance and bullish RSI suggest ETH could reach $4,000

After consolidating above $2,780 support for the past week, ETH has shown considerable strength by reclaiming the $2,800 level. This signals traders are ready to push higher, setting their sights on the psychological $3,000 mark next.

The recent surge even saw ETH briefly spike above $2,850 to tag a multi-week high around $2,870 before pulling back. This move further built on the bullish momentum from Ethereum’s break past the significant $2,500 resistance last week.

With ETH holdings its ground well above the $2,800 threshold, the path looks clear for a continued push upwards. The next major test lies at $2,880 resistance, but analysts expect this could trigger an acceleration towards $2,920 and the $3,000 barrier if overcome.

$ETH just smashed $2800 , is time to see some of your favorite solid. #altcoins move parabolic. We are heading somewhere . Hope you are prepared legend ! pic.twitter.com/d34aLZBZaW

— NOBLECOINS???? (@NobleCoins) February 15, 2024

In the event downside pressure resumes, Ethereum now has a new elevated base at $2,780 established over the past days. This presents a solid floor of support on any short-term dips, underpinned by the 100-hour SMA.

Further strong foundations lie at $2,725 and $2,700 if bears do wrestle back temporary control. But key technical indicators remain skewed to the upside for now.

The bullish outlook is echoed by several seasoned ETH analysts. Zsuirad Nezrok sees the Ethereum price reaching $3,000 in short order as its upside momentum expands. Others have set their targets even higher at $3,400 in the near term.

Driving these lofty projections is Ethereum’s clean breakout from the crucial $2,500 horizontal zone that had confined price action since mid-2021. After several unsuccessful attempts to overcome this barrier, ETH finally powered decisively through it to print a new 2024 high above $2,825.

With resistance now turned support at $2,500, analysts are eyeing a steep ascending parallel channel carrying Ethereum upwards. The upper boundary of this channel intersects with the $3,600 mark, leading analysts to pinpoint $4,000 as the next likely peak as Ethereum stretches its legs.

The post $4k ETH Next? Ethereum Price Rally Gains Traction Above $2,500 Resistance appeared first on Blockonomi.

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Filed under: Bitcoin - @ February 16, 2024 6:17 am