The post Here’s when Ethereum will reach $4000, according to analyst appeared on BitcoinEthereumNews.com.

Ethereum (ETH) is currently showing signs of recovery after a recent sell-off phase. This has led to a notable rebound, suggesting the potential for a continued uptrend.  Over the past two months, Ethereum has outperformed Bitcoin (BTC), with analysts predicting a significant price increase in the coming days due to the anticipated launch of an Ethereum ETF. This event is expected to strengthen ETH against BTC, particularly given the bearish divergence on the BTC weekly chart. Despite the optimism, there is no clear timeline for the launch of the much-anticipated spot Ethereum ETF, causing confusion among issuers about the delay. Nevertheless, major market participants and Ethereum whales have been accumulating ETH in preparation for ETF approval, anticipating a substantial price increase once the approval is granted. In a TradingView post on July 13, analyst RLinda pointed out that the daily chart of ETHUSDT shows that bulls are actively maintaining the price above a crucial support line. Technical analysis and market outlook According to the analysis, the area above the 200-day moving average (MA) indicates consolidation, which is a positive sign for a bullish structure. ETH price analysis chart. Source: TradingView/RLinda The current resistance level is around $3,200, and a breakout could lead to significant upward movement, potentially targeting the $4,000 to $4,800 range. On a shorter, four-hour timeframe, the price movement is characterized by consolidation. A large player appears to be actively purchasing ETH, anticipating important news and reinforcing the intermediate bottom zone.  This period of consolidation, supported by increased volume, indicates strong buying interest and a likely continuation of the uptrend. The key support levels here are around $3,056 to $3,152, which have consistently held firm. ETH weekly price analysis chart. Source: TradingView/RLinda The weekly chart supports this bullish outlook, showing a pattern of higher lows indicative of a…

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Filed under: News - @ July 14, 2024 12:10 pm