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- ETH price has triggered a strong pullback at the primary resistance zone.
- The Ethereum price has surged by 41% over the past 17 days.
Ethereum’s (ETH) price has been bullish for the past few weeks. It has broken out from a consolidation zone and has smashed the 200-day EMA.
After a bullish trend, the Ethereum price witnessed a mild fall. This mild fall has become a strong pullback and reached the last swing high.
The recent market sentiment was bullish. Also, the Bitcoin was at an all-time high (ATH). As of writing, the ETH price was trading near a crucial level of $3,350. Furthermore, a battle between buyers and sellers could be seen.
Could the ETH Price Hit $5K Amid This Bull Run?
At press time, the ETH crypto traded at $3,363.00 with an intraday gain of around 1%. The market capitalization was $405.12 Billion, and the 24-hour trading volume was $35.19 Billion.
The Ethereum price has departed from the buying zone. That was on the trendline. Additionally, it is expected to record a new high according to technical analysis.
Suppose the ETH price dominates the $3,350 mark; it could generate bullish momentum. Buyers may ride the trend once the price is over this level. It is expected to hit the $4K mark amid this bull run.
On the other hand, if the price is resistant to $3,350, it could display weakness. Selling pressure can be seen if the crypto asset price loses the 20-day EMA. However, a bearish trend can be initiated if the price starts trading below the $2.2K mark.
Turning to the technical indicators, the Ethereum price has defended the 20-day EMA and has triggered a pullback. The RSI was performing a golden crossover with the RSI-based moving average. Most of the technical indicators were in favor of bullish forecasts.
In a weekly time frame, the ETH crypto has been bullish and rising, following an ascending trendline. The token has managed to defend the trendline and has gained bullish momentum.
Is Ethereum Price Ready to Shoot Up?
CryptoYoddha, a cryptocurrency analyst, suggested that the ETH crypto has massive bullish potential. The Ethereum price has been in a strong bullish trend for the past few years. It has triggered a beautiful pullback in a 14-D time frame.
The ETH price has departed from the buying zone with strong bullish momentum. Analysts anticipate the price could hit the $10K milestone in the next few months or years.
Future of Ethereum Price Indicating Good Potential
Ethereum price recent performance suggested a period of volatility. That was marked by a significant pullback at a critical resistance level of around $3,350.
After a 41% surge in just 17 days, the market sentiment remained bullish, especially in light of Bitcoin’s all-time high. The current trading price of $3,363 indicated the potential for further upward movement. This could happen particularly if it maintains above the $3,350 mark.
A successful breakthrough could lead to targets around $4,000. At the same time, failure to hold this critical level could signal weakness and increase selling pressure.
Overall, the technical indicators favor a bullish outlook. It could position Ethereum for new highs shortly if it can sustain momentum above critical support levels.
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.
