Ethereum Price Approaches $4k: Will The Altseason Follow

• The Ethereum price attempts to break the $4k wall to retest the ATH soon.
• Altcoin Season Index hits 90, signaling strong altcoin momentum.

The Ethereum price experienced a significant surge since the beginning of last month and jumped over 60% approaching the $4k barrier.

Despite a rejection from the $4,000 resistance level, the bullish momentum remains intact. Following a falling channel breakout, ETH triggered a one-way rally and continued to trade in an uptrend.

At press time, the ETH price traded at $3719, noting an intraday decline of over 4.38%, showing rejection from the $4,000 resistance mark. Its market cap stood at $448.01 Billion.

Ethereum Price Targets $6k as Altseason Looms

Crypto Analyst Mikybull Crypto pointed out that the ETH price breached the $4000 wall and looked poised for an up move toward the $6000 level.

Notably, Ethereum price action guided bullish momentum and displayed buyer accumulation on the chart. The bullish case aligned the narrative of an impending ‘altseason’ for the altcoins to surge.

Ethereum has traditionally led other altcoin markets up, which means an up move in Ethereum can trigger a significant upsurge across a large swath of the altcoin market.

The ETH price has since recovered and even delivered massive outperformance that makes it lead the crypto market. Traders and investors are observing how the ETH price holds up from its breakout. That could be the catalyst for a fresh bull rally not only for Ethereum but for the rest of the altcoins as well.

Ethereum has shown resilience, holding steady above the 20-day EMA mark, which served as a foundation for its recent bullish rally. On the upside, ETH faced significant resistance at $4000. It failed to sustain above that crucial level and dropped in the last 24 hours.

Likewise, Crypto Analyst Wolf said that Ethereum has solid support at around $3500 and is giving us a last opportunity to enter the trade. The chart setup was bullish. Besides, a break above the $4600 level could open the doors toward $9000 for the short term.

Ethereum Price Prediction: Is a Major Rally Beyond $4000 on the Horizon?

Ethereum’s Total Value Locked (TVL), a key indicator of investor activity within the protocol, rose to $73.13 Billion. This significant surge reflected growing investor confidence and commitment to the platform’s growth.

Looking at the daily chart setup, Ethereum’s uptrend was intact. The Ethereum price traded within a rising channel at press time and continued to take support at the trendline.

Amidst the intraday decline, Ethereum spot ETFs have noted massive inflows throughout the week. In the last four sessions, $837 Million of inflows was noted. It reflected broader institutional adoption and underscored ETH as a long-term asset in the crypto market.

The Relative Strength Index (RSI) had a reading of 58 and stayed above the midline, displaying a moderately bullish outlook. Alongside the bullish price action, the ADX reading of 40 demonstrated the strength of an uptrend.

Moreover, the Chaikin Money Flow (CMF) marked positive capital inflows, as evidenced by a reading of 0.15. The immediate support zones were $3500 and $3320, whereas the upside hurdles were $3890 and $4000.

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.