The Ethereum (ETH) price momentum has been favoring sellers since March. The ETH price dropped to the $2200 support level and showed a bullish sign.
The price of Ethereum (ETH) has been showing a preference for sellers since March. The ETH price dropped to the $2200 support level and showed a bullish sign. It triggered a breakout from a descending trendline and exceeded the 20-day exponential moving average (EMA). That’s a bullish sign, making crypto enthusiasts optimistic about the ETH crypto.
A Short Glimpse of ETH Price Performance This Year
Since Q4 2023, the ETH price has performed well and reached a multi-year high in March 2024. It could not maintain that bullish momentum due to profit booking and melted to the 200-day EMA.
The ETH buyers tried to overcome the last swing high, but sellers were strong. ETH bears dragged the Ethereum price to the major support level.
At the time of writing, the ETH buyers have piled up in the demand zone, and the price has triggered a breakout from the descending channel. Smashing the 20-day EMA could invite more buyers for a bullish move. Continue reading to learn more about ETH price performance in the near future.
Can the ETH Price Approach the $4000 Mark Soon?
The Ethereum crypto was trading at $2,544.98 at press time after rising 3.22% in the past 24 hours. Its market capitalization was $306.12 Billion, and its 24-hour trading volume was $18.99 Billion.
Since mid-July, the ETH price has been declining by facing resistance from a descending trendline. It triggered a breakout and performed a retest, which might attract buyers.
According to the technical chart, the price has departed from the demand zone ($2200 territory). Buying momentum can be generated if the price sustains over the 20-day EMA. Once the price overcomes the 200-day EMA, the buyers may eye for the $4000 mark. Trading volume can play a crucial role in maintaining the bullish momentum.
On the other hand, buyers might panic if the ETH coin price slips below the 20-day EMA. Once the price starts trading below the major support level, strong selling pressure can be anticipated. Here, most of the ETH investors might prefer to book profit and that could lead to a sharp downtrend.
The RSI has displayed a strong bullish divergence in the demand zone, which seems like a positive sign. It has exceeded the 20-day EMA and is moving toward the 200-day EMA.
Is ETH Price Primed for a Massive Upmove?
Wolf (@IamCryptoWolf) has tweeted that the ETH price is all set to fly soon. On a weekly time frame, the price has made a hard retest of the upper boundary ($2200 mark). It’s been 18 months of an ascending triangle accumulation and the price has been rising by taking support on an ascending trendline.
In my books, this has been a hard retest of the upper boundary from the 18-month ascending triangle accumulation. From here, we're primed for a strong bullish move. $ETH pic.twitter.com/f0m7v6hkyt
The ETH crypto has primed a strong bullish momentum in the demand zone on weekly and daily time frames. It may shoot up soon.
Price Analysis Based on Technical Chart
Based on the technical analysis and recent market trends, the ETH price has shown the signs of a bullish move. It departed from the demand zone and surpassed the 20-day EMA at press time. That indicates potential buying momentum.
If the price manages to overcome the 200-day EMA, it could pave the way for a potential move towards the $4000 mark.
On the other hand, a slip below the 20-day EMA could trigger panic among buyers and lead to a sharp downtrend. Considering the strong bullish divergence in the demand zone as indicated by the RSI, there are positive indications for the potential upward movement of the ETH price.
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