The post Bulls Eye $3,000 as Next Target as ETH Charts 14% Weekly Gains appeared on BitcoinEthereumNews.com.

Ethereum has recently seen a surge in demand near the crucial $2.1K support zone, resulting in a significant bullish retracement. The price has now reclaimed the middle threshold of the multi-month descending channel, suggesting the potential for further gains toward the upper boundary near $3K. By Shayan The Daily Chart On the daily chart, Ethereum experienced increased buying pressure near the critical support region around the lower trendline of the multi-month descending channel, which aligns with the $2.1K support zone. This resurgence in demand triggered a bullish reversal, pushing the price above a critical resistance area that includes the channel’s middle boundary at $2,530 and $2.5K. Reclaiming this zone signals a potential shift in market sentiment toward bullishness, albeit temporarily. However, Ethereum is approaching a crucial barrier of around $2.8K, where sellers will likely step up. The price action at this level will be pivotal in determining Ethereum’s medium-term direction. A successful breakout could signal the continuation of the bullish trend, while failure to clear this resistance may lead to renewed selling pressure. Source: TradingView The 4-Hour Chart On the 4-hour chart, Ethereum saw a strong surge from the $2.1K support zone, corresponding with the flag pattern’s lower boundary. This upward momentum carried the price toward the critical resistance range between the 0.5 ($2.6K) and 0.618 ($2.8K) Fibonacci levels. The short-term action suggests that the bearish momentum has subsided, with buyers now attempting to push the price above the $2.8K resistance. The $2.8K level has been a strong barrier for the bulls in recent months, filled with supply and selling pressure. However, Ethereum could see a breakout if the momentum persists, leading to a short-squeeze and further gains. On the other hand, a rejection at this crucial resistance may result in a continued sideways consolidation within the flag pattern, maintaining…

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Filed under: News - @ September 23, 2024 12:27 pm