- Supported by the ETF craze, Ethereum briefly reached $4,000.
- Technical indicators are pointing to a retest of $4,000 and a sustained breakout soon.
Ethereum [ETH] The ETF managed to sustain the rally, briefly reaching the $4,000 mark an hour ago, but recovered to $3,947 at the time of writing.
ETH bulls are clearly leading the way here, but how long will the token be able to comfortably sustain above $4,000?
Ethereum's key levels
The ETH/USDT pair showed a significant upswing at the time of writing, briefly breaching the $4,000 level before settling into a consolidation phase.
The sharp rally prior to the consolidation indicated strong buying pressure from bulls.
Source: TradingView
Observing the moving averages (MA50 and MA200), we see a bullish crossover where the MA50 tends to rise above the MA200, which is usually a positive sign.
The Relative Strength Index (RSI) is hovering around 63, indicating strong momentum without being overbought, supporting the possibility of further upside.
However, recent consolidation near the $3,940 level presents resistance that could temporarily limit gains as Ether cools off.
If Ethereum can sustain support above the MA200 line and capitalize on the current bullish sentiment, a sustained attempt to break above $4,000 later today might be on the cards.
Source: Coinglass
Ethereum Derivatives Market Both trading volumes and open interest have increased significantly, indicating a bullish move.
This suggests increased trader engagement in anticipation of the bull market continuing.
Analyzing the long/short ratio, especially the figures from Binance's top traders [BNB] Long positions far outnumber short positions on OKX, suggesting that major market participants are bullish on Ethereum.
This increases the likelihood that ETH will sustain prices above $4,000 and potentially even reach new highs as market conditions align with investor confidence and external market stimulus.
Fear and Greed on Ethereum indexCurrently, 66% indicate “greed,” further reflecting bullish market sentiment.
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Bulls are supported by overwhelmingly positive scores across multiple metrics including social, volume and volatility.
Overall, the indicators suggest that Ethereum bulls are simply waiting for the market to calm down, with a surge above $4,000 likely to happen today, or tomorrow at the latest.
