Ethereum (ETH) Price is Gaining Attention with Its Bullish Trajectory

Technical analysis indicates that Ethereum (ETH) price is poised to rally towards $4,755 in the short term and $6,000 in the mid-term.

Currently trading at $3,632.68, ETH has formed an inverted head and shoulders pattern on the 3-day chart, suggesting a move out of the bear territory.

Together with Fibonacci resistance and retracement levels, this formation points towards $4,755 as the next major resistance level.

CryptosBatman suggests that the present price action may push liquidity from short liquidations towards the $4,755 target. If ETH gets to this mark, the rest of the crypto market may follow, which could mean the start of an altseason.

Meanwhile, on the daily chart, there is a well-defined rising channel forming with price oscillating between specific support and resistance levels.

The higher level at $3,500 is acting as a key support level with buyers coming back into the market to prevent a breakdown of the channel.

Similarly, the $3,800 level is still presenting a tenacious barrier for more upside breakout.

Relative Strength Index (RSI) currently stands at 55.30 reflecting neutral condition and potential for rising or falling. Further, a declining trading volume is a sign that the market is in the consolidation phase.

A push above $3,800 on the back of rising trading volume may open up the path towards $4,000 or even higher.

Another analyst, DaCryptoGeneral, has set a target of $6,000 for Ethereum in the short to mid-term, based on the ongoing upward trend.

The chart has marked a descending triangle in October 2024 and the breakout of Ethereum from this pattern is a bullish sign.

Consecutive higher tops and the growing demand from buyers support this view.

Broader range bound trading remains between $4,100 and $4,470 with break of the latter suggesting the intermediate target is achievable.

DaCryptoGeneral notes that Ether is already trading well above this level and forecasts that Ethereum has a clear path through this barrier owing to the strong momentum.

Major Support and Resistance Levels

Resistance levels at $3,350–$3,400 have provided solid support to Ethereum to prevent further declines.

In this case, any pullback below these levels could drive Bitcoin to $3,000 or lower.

On the other hand, immediate support is at $3800, and $4100 is the level to watch for the continuation of the bullish trend.

A move above $4,100 might lure new investors into buying Ethereum and, thereby, keep the price appreciation trend going.

Fibonacci extensions from the long-term are $5,900–$6,000, these levels are the midterm targets for Ethereum.

Ethereum is expected to hit these targets but analysts have noted that continued momentum and higher trading volumes will be key.