Ethereum Breaks Jail, set for $4K March
Ethereum surged 2 percent on Monday’s trading session after breaking and closing above its upper consolidation level of $3,500 in the new week
This area was a crucial accumulation zone that promoted higher buying pressure and an upward spike. The $4K resistance becomes a psychological and technical barrier as the price rises, and a clear breakout is necessary to create a long-term upward trajectory
The most valuable altcoin consolidates between $3.5K-$4K, suggesting a possible breakout in either direction. A successful break through the $4K barrier might confirm bullish sentiment and pave the way for a new rally. On the other hand, further consolidation or retracement within the current range could result from rejection at this level
The daily chart’s RSI is near 60, above its neutral value of 50, indicating that bullish momentum is gaining ground The MACD indicator indicated an upward trend on Friday by flipping a bullish crossover on the daily chart.
A strong rally could follow a successful breakout above the $4K resistance, but a failure could mean extended consolidation or retest of lower support levels around $3.5K.
The Taker Buy Sell Ratio shows whether buyers or sellers are more aggressive in carrying out market orders. This indicator has shown a significant increase since Ethereum’s bullish recovery close to the $3K support, suggesting a spike in market buy orders in the futures market.
This pattern implies that traders in the futures market are growing more hopeful about Ethereum’s near-term price trajectory and anticipate that the asset will move closer to the $4K resistance.
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