The post Ethereum bulls eye $4,000 as analysts warn of ‘major rebound’ appeared on BitcoinEthereumNews.com.

Ethereum’s (ETH) market dynamics are indicating a notable recovery following a recent downturn driven by fear.  After a sharp decline that pushed ETHUSDT below the $2,000 mark, the bulls have regained control, lifting the price back above $2,500. In this context, trading expert RLinda projected on August 11 that this recovery phase, despite recent volatility, shows a resilient bullish outlook for Ethereum. Further, it is supported by a promising technical setup visible on both weekly and monthly chart patterns. Ethereum daily chart pattern – Key resistance levels in focus According to the analyst, on the daily chart, Ethereum is confronting a critical resistance zone between $2,717 and $2,817.  Ethereum price analysis chart. Source: TradingView/ RLinda This area has been tested multiple times, with each rejection met by strong buying pressure around the $2,500 level, suggesting that bulls remain firmly in control.  However, the chart still looks bearish, as the price has struggled to break through key resistance levels, maintaining a pattern of lower highs.  Holding above $2,500 is crucial for maintaining the current bullish momentum. If Ethereum breaks through this resistance, the next major hurdle would be around $3,500, potentially paving the way toward the $4,000 mark. Additionally, the daily chart reveals a “change of character” (CHOCH) pattern, indicating a possible shift from a bearish to a bullish market structure, which could further support a significant upward move. Ethereum’s long-term support and potential upside The weekly chart offers additional context, showing Ethereum trading around the 50-week moving average, a historically strong support level. The 200-week moving average, at approximately $2,156, also serves as critical long-term support. Ethereum price analysis chart. Source: TradingView/ RLinda Therefore, the recent bounce from this area suggests that Ethereum could be on the verge of re-entering a global sideways range that has defined its trading behavior…

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Filed under: News - @ August 11, 2024 4:06 pm