Ethereum Bulls Wake Up: $4,000 Target Back on the Radar After Reclaiming Key Level

Ethereum is recovering from a recent dip, trading around $2,412. Analysts like İbrahim COŞAR suggest breaking key resistance levels could push prices up to $4,000. Another analyst, Javon Marks, sees even higher potential, suggesting a jump to $4,811.71 or more. However, caution is advised due to macroeconomic uncertainties that might affect market volatility.

Ethereum is making headlines once again, aligning with a broader recovery in the cryptocurrency market. After a rocky weekend that saw the price dip to a local low of $2,177, the second-largest cryptocurrency has steadily climbed back above $2,400. Currently trading around $2,412, Ethereum still shows a 2.9% loss for the week and a 2.4% dip over the last two weeks.

According to a recent analysis from CryptoQuant analyst İbrahim COŞAR, Ethereum is reaching a crucial moment that could influence its next price move. He asserts that breaking decisively above the 50-day Exponential Moving Average (EMA) could send ETH towards $2,800, paving the path for a potential jump to $4,000 if key resistance levels are broken. It is essential for Ethereum to maintain a consistent close above the $2,500 to $2,600 range to signal a breakout.

COŞAR’s insights highlighted how Ethereum has reacted in the past when breaking out of similar consolidation zones. Notably, there was a phase where the crypto oscillated between $2,100 and $2,800, before making a significant move toward $4,000. If Ethereum can surpass the current resistance at $2,800, a similar surge could be on the horizon.

However, he cautioned that Ethereum still faces the challenge of the 50-week EMA resistance, which acts as a longer-term barrier. A sustained breach of this technical threshold, paired with solid daily closes above short-term resistance, might indicate the onset of a stronger upward trend. There’s a word of caution though; ongoing macroeconomic and geopolitical issues, especially involving the likes of the US, Israel, and Iran, could add volatility to the market. COŞAR suggests steering clear of excessive leverage.

On a more optimistic note, analyst Javon Marks has a bolder forecast, suggesting that Ethereum could be gearing for significant gains. He noted that Ethereum recently broke above a descending trend line, a positive sign historically linked to continued price increases. Marks predicts a potential rally of 81% that could bring ETH up to a staggering $4,811.71. If the momentum keeps up, the price could leap even higher, reaching an astonishing $8,557.68, marking a further 77% gain.

While these forecasts come with their uncertainties, they shed light on a wave of optimism surrounding Ethereum’s market structure, particularly among those who rely on technical chart formations in their trading strategies. Despite the recent fluctuations, the general sentiment remains cautiously positive, contingent on overcoming critical resistance levels—assuming no major disruptive events arise to derail this trend.