news 
Ethereum Price Analysis: ETH Retakes Key Resistance at $3.5K, Can it Go for $4K Next?
In a recent surge of buying activity, Ethereum (ETH) has successfully retaken the key resistance level at $3.5K, sparking speculation about its potential trajectory moving forward. As the price continues to consolidate within this range, investors are left questioning whether ETH can continue to rally and break through the $4K barrier.
As we dive into the technical analysis, it becomes clear that Ethereum’s recent rebound is heavily influenced by the support it found at the crucial $3.5K mark. This level has functioned as a pivotal accumulation zone, attracting significant buying interest and halting the downward trend. As a result, ETH has begun to climb upward, with the $4K resistance now serving as the primary hurdle.
On a lower timeframe, Ethereum’s recent decline found support within the 0.5 ($3.2K)–0.618 ($3K) Fibonacci retracement levels. This zone successfully halted the downtrend and sparked a bullish recovery, ultimately culminating in the current consolidation phase around $3.5K.
As investors continue to grapple with the implications of Ethereum’s price action, it appears that market sentiment is shifting. A notable increase in futures market buy orders has been observed, as seen in the Taker Buy/Sell Ratio metric. This uptick suggests a significant surge in buying pressure within the futures market, indicating an overall growth in optimism about ETH’s short-term trajectory.
Given these insights, it is clear that Ethereum’s current price action will be crucial in determining its next move. Should the asset successfully break through the $4K resistance level, there exists a tangible possibility of a robust rally unfolding. However, failure to overcome this psychological barrier could result in further consolidation or even a downward adjustment.
In conclusion, as investors and traders weigh their options, it is essential to remember that any investment decision should be made with caution and thorough research.
Source: cryptopotato.com
