Altcoin Nears $4000 Amid Bitcoin’s $100k Hype
Bitcoin has officially surpassed the $100,000 historical mark for the first time. As of this writing, bulls have a price target of over $103,000. As the focus now turns to Bitcoin, the second largest cryptocurrency – Ethereum is also showing strong bullish momentum.
Currently, Ethereum is moving above $4,000 and looking at the Ethereum weekly chart, the price is showing strong future performance. Ethereum is approaching a major resistance zone around $3,900 to $4,000. If these levels are breached, the next target would be the previous all-time high around $4700-$4900 and just below $5,000.
On the 3-day chart, Ethereum is moving above $3,200, which was resistance and now support. It also has support around $3,500. The next area of resistance to watch is between $3,850 and $4,000, which is the previous high. On the daily chart, Ethereum is still breaking above previous resistance levels and is currently acting as support. The altcoin saw strong buying near $3,430 to $3,560, confirming the breakout.
A potential bearish divergence is forming, but it is yet to be confirmed as we are yet to see a strong rejection on the RSI. Currently, things are looking more bullish than bearish. For short-term gains, it will be crucial to keep an eye on the $3,750 level. A confirmed break above this level could see the price surge towards $4,600 and eventually higher targets.
Looking ahead, Ethereum is forming a cup-and-handle pattern, with some analysts predicting prices could reach $7,400 or even $10,000. However, Ethereum currently faces resistance at $4,000, a level we need to break and hold to move higher.
Ethereum’s strong upward trend has been supported by large institutional investment, with Ethereum ETF inflows recently surpassing Bitcoin. This trend hints at positive price action for Ethereum, with many believing it could reach new highs by the end of the year, or even break out to all-time highs.