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Ethereum (ETH) Price: Ethereum Shows Strong Support Above $3,900 Level
The cryptocurrency market has been experiencing a wave of optimism in recent times, fueled by the remarkable performance of Bitcoin (BTC). The latest development is the break above the crucial level of $4,000, as investors and traders become more confident in the future prospects of this asset class. This positive sentiment is further reinforced by the scheduled inauguration of Donald Trump on January 20, 2025, which has sparked a surge in cryptocurrency market participation.
ETH’s ability to maintain its upward momentum above $4,000 is a testament to the strong support that has been established at these levels. The current price of $4,020 represents an impressive recovery from previous lows, with the digital asset showing little signs of exhaustion or reversal.
The hourly MACD indicator continues to gain traction in the bullish zone, which is often seen as a clear sign of sustained upward pressure on prices. Meanwhile, the RSI has also found itself above the 50 mark, indicating growing market participation and a general trend shift towards an uptrend.
Historical context reveals that ETH still trades below its all-time high of $4,878.26 recorded in November 2021. The current price level marks a gap of around 17.8% from this peak, suggesting the potential for further upward movement as we approach new yearly highs.
In line with this outlook are forecasts provided by CoinCodex, which predict a new all-time high of $5,094.65 by February 21, 2025. This projected increase of approximately 26.69% represents an impressive gain in such a short period and may be fueled by the optimism surrounding Trump’s inauguration.
The overall structure of the hourly chart reveals that ETH has been consistently holding support above key moving averages. The steady accumulation of buying pressure is evident in recent trading sessions, indicating growing market participation. This trend often precedes sustained price trends.
Furthermore, any pullbacks have been successfully absorbed by buyers, with the asset’s inability to find and close below critical levels serving as a testament to its bullish momentum.
In conclusion, ETH’s ability to maintain its upward trajectory above the $4,000 level and its consistent rejection of lower support suggests strong buying conviction at current price levels.
Source: blockonomi.com
