You can also find out more about Bitcoin surging above $65,000, altcoins like Ethereum In March 2024, we have seen a new wave of economic recovery. This bull run is still going on. ETH The crypto market is gaining momentum as prices hit new highs. Now the big question is, how high will Ethereum go in coming months?
The analysis of the weekly charts shows that Ethereum with its $422 Billion market cap has staged an encircling bottom breakout, reclaiming $3,500. This signals strengthening upside momentum backed by a 49% spike in trading volumes to $17.5 billion – indicative of rising buying pressure.
After gaining 14% last week, ETH is up 53% in the past 30 day. Ethereum’s bullish milestone hints that the trend is about to reverse. The Fib levels often act as a strong resistance to further recoveries.
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Ethereum can reach $4,000.
Ethereum’s recent technical patterns indicate the possibility of its current upward price trend continuing towards the Fibonacci Retracement Level around $3,872. Bypassing this point, Ethereum could reach its all-time record price of $4.868 or even exceed it.
Some analysts believe that if Ethereum’s price can sustain its support in the area of $3,872 over the next few weeks, the next The 1.618 Fibonacci level could indicate a target of around $6,835 as an upside. The target would be the next If the bullish momentum continues, then a key price benchmark will be reached. The prices may also correct or consolidate prior to any possible further upward movement.
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Ethereum’s price may fall if market conditions continue to deteriorate. Indicators currently favor a bullish trend that will continue through the month of February.
Early technical clues confirm the narrative that history is repeating itself in this cycle.
“This article is not financial advice.”
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Source: watcher.guru