Ethereum surges with an impressive 8% daily increase, surpassing the crucial $3K mark and indicating a strong bullish control. As the bullish trend continues, analysts are setting their sights on the next significant target in the $3.5K-$3.7K range.
Ethereum Price Analysis: Technical Overview by Shayan
The Daily Chart
Ethereum’s upward momentum continues unabated, building on the bullish surge that pushed it beyond the significant $3K psychological barrier. This breakout represents a forceful move by the buyers, who have remained dominant since the asset triumphed over the crucial $2.8K level.
The market is now nearing a significant supply zone between $3.2K and $3.4K, historically linked to increased selling pressure. If Ethereum successfully navigates this order block, it could indicate further upward potential, with price targets at $3.7K and possibly $4.1K. Given the current rally, Ethereum seems to be preparing for a renewed push towards its all-time highs, though this would require confirmation from future price action developments.
The 4-Hour Chart
Even in the shorter timeframe, Ethereum’s robustness is conspicuous. The chart showcases a sequence of vigorous bullish candles, signalling an upsurge in buying activity. However, Ethereum has now hit a notable resistance zone around $3.5K. If the cryptocurrency cannot break the $3.5K barrier decisively, it may continue to oscillate within the $3K-$3.5K range in the short term. A breakout beyond this range could rekindle bullish momentum, while a rejection may extend the consolidation phase.
Onchain Analysis by Shayan
This chart illustrates the Binance Liquidation Heatmap, showing areas where major liquidation events are most likely to happen. These zones often act as liquidity targets, attracting price action due to the dense accumulation of leveraged positions.
Currently, the route toward the $4K region seems relatively free of significant liquidity pools. However, a substantial liquidation cluster lies just beyond the $4K mark, suggesting a high likelihood that Ethereum’s price could gravitate towards this crucial zone. If this prediction proves accurate, Ethereum could extend its bullish surge to this level, potentially setting the groundwork for a new all-time high. Nevertheless, brief periods of corrective consolidation are likely as part of the journey to that milestone.
