- ETH price has jumped by 19% in a week and has defended the 20-day EMA.
- Ethereum’s price has displayed a pullback and has surpassed the key resistance level of $3,350.
Ethereum (ETH) crypto has been in a strong bullish trend and has surged by 50% in less than a month. Amid this bull run, the momentum has interrupted near the key resistance level of $3,350.
However, the Ethereum price triggered a pullback in this territory and smashed this critical resistance level. In a broader time frame, the ETH price has triggered a breakout from the parallel channel.
After the breakout, the token’s price displayed a strong bullish rally. This bullish trend was heading toward a new all-time high (ATH).
Could the ETH Price Extend to $6K and $10K? Experts Weigh In
Ali Martinez, a crypto analyst, mentioned that the ETH price can potentially hit the $6K mark as a short-term target. Additionally, the price is expected to reach the $10K milestone as a long-term target if it continues this bull run.
This analyst suggested that the Ethereum price has been rising through an ascending channel weekly. It has departed from the lower trendline and is covered halfway. By covering the rest of the path, it would hit the $6K mark.
Additionally, Martinez identified the $3,300 and $3,000 levels as crucial ones to maintain. The bull market’s next upswing could begin if it breaks through the first barrier at $4,091. Ethereum could be advantageous to bulls due to the golden crossover of the 100-day and 200-day EMAs.
Technical Analysis of Ethereum Price Over 1-D Timeframe
theEthereum crypto was trading at $3,559 when writing, displaying a mild fall of 0.59% over the past 24 hours. Its market capitalization was $428.31 Billion, and the 24-hour trading volume was $29.49 Billion.
Buyers might remain strong if the price manages to hold over the $3,350 hurdle. Suppose bulls remain strong; the price may display bullish momentum for the next few weeks.
Once the Ethereum price exceeds the previous swing high of $4K, buyers may be eyeing a new ATH. The current market sentiment is bullish, which could play a crucial role in the further momentum.
On the other hand, buyers might panic if the digital asset price slips below the crucial level of $3,350. Once panic selling starts in this territory, most investors and traders may prefer to book profits. Here, profit booking may result in strong selling pressure.
Turning to the technical indicators, the ETH price dominated the critical moving averages. RSI has been sustained over the RSI-based moving average, which could be a bullish sign.
Ethereum Price Prediction Based on Price Action
The Ethereum price action has demonstrated a strong bullish trend. It recently surpassed the significant resistance level of $3,350.
Analysts, including Ali Martinez, suggest that if the current momentum continues, ETH could reach short-term targets of $6,000. The long-term aspirations of the token could be $10,000. Key support levels at $3,300 and $3,000 will be critical in maintaining bullish sentiment.
Maintaining the price above $3,350 is vital for sustaining bullish momentum. However, a drop below this threshold could trigger panic selling and profit booking among investors.
This could lead to increased selling pressure. Overall, the technical indicators and market sentiment currently favor further gains, making ETH a cryptocurrency to watch soon.
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.
