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Ethereum Eyes $6K as It Prepares to Break $4,100 Resistance
As the cryptocurrency market continues to be in a state of flux, traders are keeping a close eye on Ethereum’s current price movement. The recent uptrend has led some analysts to believe that breaking the critical $4,100 resistance level could unlock a fast rally towards $6,000.
Presently, Ethereum trades at approximately $3,945, displaying a strong momentum despite minor pullbacks in the recent past. According to renowned analyst Ali, surpassing this barrier will trigger Ethereum’s next major price surge.
The key level of $4,100 aligns with the top of the ascending channel where ETH has been trending for several months now. If Ethereum manages to breach this resistance, a short-term target of $4,867 comes into view. Furthermore, a more significant milestone at $6,110 could come within reach in the near future.
As investors and traders anxiously await the potential breakout, it is essential to recognize the strong support zones that are currently keeping the uptrend intact. A crucial support level resides at approximately $3,375, serving as a crucial point during any pullbacks. The 0.618 Fibonacci retracement also plays a pivotal role in this regard.
In conclusion, Ethereum’s price action has become increasingly intense, and it is imperative to stay vigilant for potential short-term opportunities that may arise from the imminent breakout above $4,100.
Source: cryptonewsland.com
