Will Ethereum (ETH) reach the $4,000 mark as the bullish momentum crosses the $3,600 milestone?
As Ethereum breaks a multi-month high of $3,600, the bullish surge increases the chances of reaching $4,000. As one of the previously underperformers, the refreshed momentum has improved the sentiment of the Ethereum market.
Given this optimism, one analyst remains firm in his Ethereum price target of $6,000. Will Ethereum reach a new all-time high? Let’s explore.
Ethereum Price Analysis
On the daily chart, Ethereum’s price trend shows a breakout from a falling channel, gaining momentum. The breakout rally has completed a rounding-bottom reversal, surpassing the $3,550 mark.
This crucial resistance acted as the neckline of the rounding-bottom reversal and marked the previous peak in July before the massive drop to $2,100 levels in August.
Ethereum is trading at $3,594, with an intraday pullback of 1.71%. This pullback comes after last night’s massive jump of 10.05%, which resulted in a bullish engulfing candle above the 78.6% Fibonacci level.
Furthermore, it marked the new highest price since June 2024. Hence, the six-month bearish cycle is ending on a bullish note.
The 100-day and 200-day EMAs are on the verge of crossing bullishly. This follows a recent golden crossover, reflecting the change in the underlying sentiment.
Furthermore, the RSI line escapes a sideways trend near the overbought boundary, revealing room for growth. Hence, the technical indicators maintain a bullish viewpoint on Ethereum.
Analyst Targets $6,000 for Ethereum
Crypto analyst Ali Martinez has remained steadfast in his positive outlook for Ethereum, supporting the possibility of continued upward movement. In his analysis, he highlights a rising channel pattern on the weekly chart and projects a mid-term target of $6,000, with a long-term target of $10,000.
According to his analysis, the current rally has reached the midline of the rising channel and will likely target $6,000 if it tests the upper boundary of the channel. Given the current bullish momentum, Ethereum could reach $6,000 if it surpasses the midline.
Ethereum Target Levels
Notably, the intraday pullback could be a retest of the 78.6% Fibonacci level breakout and witness a bounce-back. Hence, as the broad market recovers, the Ethereum price trend will likely reach the immediate resistance of $4,091.
On the flip side, the crucial support remains at $3,300 and $3,000.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
