The second-ranked cryptocurrency, Ethereum, has been trading sideways for more than a week, trying to hold above the combined support of $2,875 and the 38.2% Fibonacci retracement level. Despite stable support and the completion of Bitcoin’s fourth halving, ETH price saw a modest increase this weekend, registering a 9.5% increase to $3,144. Will this reversal gain enough momentum to surpass the $4,000 high?
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ETH maintains strength above Fibonacci support
Amid the pre-halving consolidation in the crypto market, Ethereum price resisted a correction below the $2,875 level. This horizontal level, which coincides with the 38.2% Fibonacci retracement level, created good support for buyers to regain trend control.
This healthy retracement during the Bitcoin halving pushed ETH price to a high of $3,198. Analyzing the 4-hour chart, this rally is shown as the formation of a double bottom pattern, a technical setup that often lies at the bottom of a downtrend with higher upside potential.
Additionally, on-chain data provided by Lookonchain revealed notable Ethereum whale transactions. Recently, 10,119 ETH was withdrawn from Binance, marking yet another big move by the investor, who has accumulated 127,388 ETH worth approximately $405.19 million since April 8th. Whales’ average purchase price of $3,172 per ETH suggests long-term optimism about Ethereum’s market potential.
Therefore, if the bullish momentum continues, ETH price could break through the $3,300 neckline resistance and encourage buyers to prolong the recovery. After the breakout, the asset could reach $3,730 and then $4,100.
Also read: Cryptocurrency Price Prediction 4/21: Meme coins gain momentum after Bitcoin halving
technical indicators
- Exponential moving average: The bearish crossover between the 20 and 50 EMAs indicates that the short-term trend is bullish, but price is still above the 100 and 200 EMAs, indicating that the long-term trend is still bullish. Predicted.
- Relative strength index: The daily RSI slope of 44% reflects a neutral to bearish market trend.
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