Ethereum (ETH) price trend shows a rapid V-shaped recovery, gaining momentum that could push it beyond $3,250. Will this breakout rally reach $3,415?
Ethereum’s price is steadily gaining traction as Bitcoin (BTC) crosses $97k. After dipping below the $3,000 mark to a temporary low of $2,913, Ethereum has since regained ground above the $3,200 level.
This rebound reflects increasing market confidence. Could this recovery lead to a surge toward the $4,000 mark?
Ethereum Price Analysis
In the 4-hour price chart, the Ethereum price trend reveals a V-shaped reversal, accounting for a price surge of 11% from the recent low of $2,913. Currently, Ethereum is trading at $3,235 and has risen above the 20 EMA line, suggesting an early bullish signal.
Meanwhile, Ethereum’s recovery is testing the resistance level at $3,244. The alignment of the 20, 50, 100, and 200 EMA lines on the 4-hour chart is bearish, indicating potential resistance ahead.
Thus, Ethereum’s recovery could face multiple dynamic resistance levels. However, the bullish divergence in the 4-hour RSI line suggests strong underlying support, leading to a swift turnaround.
This divergence underscores growing buyer interest, and as buying pressure increases, a breakout is more likely, especially with the broader market’s recovery.
Ethereum ETFs Conclude 4-Day Outflow Streak
On January 14, Ethereum ETFs recorded a net inflow of $1.15 million, led by Bitwise. This marks a positive shift after several days of selling pressure.
However, other listed ETFs experienced net-zero flows, reflecting market stagnation as the broader market stabilizes.
The positive inflow ends a four-day streak of outflows, which had amounted to nearly $260 million.
ETH Price Target
As Ethereum’s V-shaped recovery continues, bolstered by its movement above the 20 EMA, bullish expectations are rising. Based on recent price action, the next resistance level beyond $3,244 is $3,415.
However, the 50 and 100 EMA lines at $3,278 and $3,358, respectively, will act as dynamic resistance. On the downside, key support levels include the 20 EMA at $3,210 and the psychological $3,000 mark. These levels will be crucial in determining Ethereum’s short-term price trajectory.
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.
