Can Ethereum Reach $4,000? Crypto analyst says ETH rally is not over yet
Like Bitcoin, Ethereum The second-largest cryptocurrency token is on the rise, crossing the $3,000 resistance level for the first time since 2021. Interestingly, the cryptocurrency analyst believes the rally is far from over, highlighting the following: key price levels ETH may take a hit soon.
Ethereum could rise to $4,000.
Cryptocurrency analyst altcoin Sherpa suggested this on X (formerly Twitter). post Ethereum could rise up to $4,000. Considering cryptocurrency analyst Bitcoin Ape’s recent analysis of Ethereum from a technical analysis perspective, his prediction appears feasible.
His X post, Bitcoin Ape noted that the Average Directional Index (ADX) indicator is currently “very high,” indicating that ETH’s bullish trend is strong. In fact, this bullish momentum could be very strong, as the cryptocurrency token has since surpassed the $3,130 price level that Bitcoin Ape highlighted in his post. ETH’s new resistance level.
Interestingly, the analyst noted: Ethereum It has already faced four resistance levels in February alone, all of which have been broken so far above $3,130. Bitcoin Ape was unable to provide a near-term forecast for ETH, but expects the cryptocurrency token to hit an all-time high (ATH) of $4,891. bull running It comes back complete.
Meanwhile, Altcoin Sherpa is not the only one who believes ETH could soon rise to $4,000. There was also Standard Chartered Bank. predicted cryptocurrency token Spot Ethereum ETF It was approved in May.
Rager, a cryptocurrency analyst, also recently gave He set a short-term target of $3,500 but made optimistic predictions about the price of ETH. But he added that this price level is just the beginning and not “the peak by any means.”
Ethereum’s Rally Is Not Dependent on Bitcoin’s Success
There is reason to believe Ethereum’s current bullish momentum This is not due to Bitcoin’s price surge. This is because the Ethereum ecosystem also has a story that can lead ETH’s rally. The one is Ethereum network ‘Dencoon’ upgrade This highly anticipated event is significant as it will advance the scalability, security, and usability of the Ethereum network.
Meanwhile, we share a story. Spot Ethereum ETF Expected to be approved in May, this cryptocurrency token has created a lot of excitement among investors who have opted to double down on their investments in the second-largest cryptocurrency token in anticipation of this happening.
Growing interest in ETH is expected to trigger a significant rebound in the price ahead of the May deadline. secretary You must approve or reject it. VanEck’s Spot Ethereum ETF Application.
ETH bulls maintain hold above $3,200 | Source: ETHUSD on Tradingview.com
Featured image from Bitcoinist, chart from Tradingview.com
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