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ETH Skyrockets 8% Daily Above $3.4K, Bulls Eye This Level Next
In a stunning turn of events, the Ethereum market has seen an extraordinary surge in value, with the cryptocurrency skyrocketing by a whopping 8% daily above the crucial $3.4K level. This astonishing rally has left many traders and investors wondering what’s driving this upward momentum and where it might lead.
ETH Skyrockets Above Key Resistance
The recent price action has seen Ethereum reclaim the key psychological resistance at $3,000, and the market is now focusing on a potential breakout above $3.5K. This level, if breached, could trigger further bullish sentiment and potentially pave the way for a new all-time high.
4-Hour Chart Analysis
On a more granular level, our analysis suggests that ETH’s strength remains undeterred, with multiple strong bullish candles painting a picture of growing demand. However, the asset has encountered a critical resistance area around $3.5K, which may lead to temporary consolidation or corrective price action.
Short-Term Outlook and Key Levels
It appears that Ethereum is poised for further growth if the cryptocurrency can successfully break above this resistance level. This would create an open road toward its next major target within the zone of $4K-$4.1K, where a new all-time high could be reached pending confirmation from subsequent market developments.
Onchain Analysis Highlights Major Support
Data from our on-chain analysis indicates that any price action drawing close to $4K is likely to encounter a significant liquidity cluster, hinting at potential buying pressure around this level. This raises the possibility of Ethereum continuing its upward trajectory and potentially reaching new highs if this projection holds.
Conclusion
Source: cryptopotato.com
