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- Ethereum price has triggered a breakout from the trendline, showcasing a bullish forecast.
- ETH price has departed from the demand zone, expecting one more bull run.
On a wider time frame, the ETH price has stuck in a parallel channel on the top after a bull run. Since March, the Ethereum crypto price has been struggling in a channel and has managed to defend the $2800 level.
At press time, the buyers were battling to overcome the $4000 mark, but this zone worked as the supply zone.
The ETH crypto price has attempted twice to trigger a breakout from the $4000 hurdle but failed. The price has taken support at the major support level of $2800 and is heading for the supply zone.
Inside the channel, the Ethereum price has shown rejection from the $4000 mark and has declined by facing resistance from a trendline. Bullish momentum has been generated at the major support level, which has triggered a breakout from the trendline.
Based on the technical indicators, the RSI has rapidly recovered from the oversold zone. It has also developed a golden crossover with the RSI-based moving average.
The price has exceeded the key moving averages, which showcases the bullish forecast.
Technical Analysis of ETH Crypto Price in a 4-H Timeframe
In a 4-H time frame, the Ethereum price has been rising through an ascending channel. The ETH price had taken support on the lower trendline and departed for the upper level.
COINBASE: ETH/USD 4-H Chart By TradingView
The digital asset price may approach the upper trendline if buyers remain strong. Alternatively, profit booking can be seen assuming the ETH price starts trading below the channel. The profit booking may drag down the price to the $2800 hurdle.
Ethereum Price has Departed from the Demand Zone; Next Bull Run Initiated?
Ethereum crypto was being traded at $3481 at press time, which has remained neutral for the past 24 hours. The circulating and the total supply is 120,226,035 ETH.
At press time, the market capitalization was $419.09 Billion, which ranks 2nd in the cryptocurrency market. Ethereum ranks 3rd in the cryptocurrency market in terms of trading volume, which is $15.43 Billion.
In the short term, the ETH price has triggered a pullback, which can invite buyers. If the buyers show involvement, the crypto asset price may extend to the $4000 hurdle in a week.
Strong buying pressure can be anticipated if the ETH price triggers a breakout from the $4000 mark after the consolidation. Rising trading volume may lead to a new all-time high.
On the other hand, if the price chart shows weakness near the supply zone, sellers may drag down the price to the major support level.
Will Ethereum Price Manage to Overcome $4000 Level?
The ETH price has displayed a bullish trend, with a potential breakout towards the $4000 mark. Technical indicators suggest a positive forecast; the price has shown buying pressure at the $2800 level.
It remains to be seen whether the price can sustain momentum and break through the supply zone.
Strong trading volume and buyer involvement could lead to a new all-time high, but weakness near the supply zone may prompt a decline to the major support level.
Technical Levels
The ETH price is expected to face resistance from the $3600 and $4000 levels. It may take support at the $2800 and $2200 mark.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
