Ethereum Bulls Charge as Price Surges, Eyes $4,000 Target

Ethereum price is experiencing renewed momentum, showing signs of a potential increase above the $3,500 resistance level. The bulls aim to overcome the $3,680 resistance to continue the upward trend, supported by a bullish trend line and key moving averages. Ethereum's steady increase targets the $4,000 resistance, while any dips are likely to find support at the $3,580 and $3,500 levels.

Ethereum Price Surges, Bulls Set Sights on $4,000 Threshold

New York, New York - August 10, 2023

Ethereum, the second-largest cryptocurrency by market capitalization, has reignited its bullish momentum, with prices attempting a fresh surge above the $3,500 zone. This upward movement follows a period of consolidation and has sparked optimism among traders and investors alike.

Technical Analysis Points to Further Upside Potential

The Ethereum price has been hovering above the $3,500 support zone, indicating a positive sentiment among market participants. The price has also managed to breach the $3,600 resistance level, further strengthening the bullish outlook.

A key bullish trend line has emerged on the hourly chart of ETH/USD, with support at $3,560. If the pair can maintain its upward trajectory and settle above the $3,680 resistance zone, it is likely to continue its ascent.

Immediate Resistance and Potential Targets

Immediate resistance for Ethereum lies at the $3,680 level, with the first major resistance encountered near $3,720. The next significant resistance is located at $3,750, which, if breached, could propel the price towards the $3,880 level.

Beyond $3,880, Ethereum may encounter resistance at $4,000, a round number that has often acted as a psychological barrier for cryptocurrencies. If this resistance is overcome, the next potential target would be $4,080.

Dips Limited by Technical Indicators

In the event of a price correction, Ethereum is expected to find support at the $3,600 level. The first major support is located at the $3,580 zone and coincides with the trend line.

Additional support is likely to emerge at the $3,500 zone, which aligns with the 50% Fib retracement level of the upward move from the $3,301 swing low to the $3,680 high. A clear break below $3,500 could lead to further losses towards $3,380 and potentially $3,120.

Technical Indicators Align with Bullish Outlook

Technical indicators reinforce the bullish sentiment surrounding Ethereum. The Hourly MACD for ETH/USD is gaining momentum in the bullish zone, while the Hourly RSI has risen above the 50 level, indicating positive momentum.

Market Sentiment Positive, Bulls Aim for $4K

Overall, the market sentiment for Ethereum remains positive, with bulls setting their sights on the $4,000 threshold. Technical indicators, support levels, and price action all point to further upside potential for the second-largest cryptocurrency.

Traders and investors should closely monitor price developments and be aware of potential resistance and support levels as Ethereum navigates its path towards its next milestone.