Ethereum Bulls Target $4,000, Millions of Shorts Liquidated
Ethereum is tracking higher, following Bitcoin and the broader crypto market. At press time, the coin is soaking in selling pressure and inching towards a key resistance level. Technically, the uptrend remains despite the dip of mid-March 2024.
ETH is up roughly 6% in the past trading day and 2% in the last trading week. Generally, buyers are in control from a top-down preview. However, sellers are in charge in the short term unless there is a breakout above the current consolidation. As ETH prices rise, its market cap is also up to over $437 billion, while trading volume is up 57% to roughly $20 billion.
The following Ethereum news events will likely influence prices in the short term:
- When BTC and ETH prices rose on March 25, over $100 million of shorts were liquidated as coins shook off sellers. The wave of tokenization might benefit Ethereum in the medium to long term, helping drive the coin to fresh 2024 highs.
- In the quest for decentralization, non-Geth clients now constitute over 34% of the market share. This is a major milestone for the network, making it more robust and reliable even if one client fails.
Ethereum Price Analysis
ETH/USD price is changing hands at over $3,500 when writing.
Technically, the candlestick arrangement favors buyers, looking at the formation in the daily chart.
Though buyers are steady, there must be a comprehensive push above $3,700 at the back of high trading volume for the bearish preview to be null.
So far, the middle BB acts as a dynamic resistance.
A close above $3,700 opens ETH to $4,090 in the medium term.
On the flip side, losses below $3,200 pour cold water to the bullish forecast.
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