Bullish Breakout On The Ethereum 4-Hour Chart Says Price Is Headed For $2,500
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Ethereum has faced Strong sales pressure In the past few weeks, its price has been below the $2,000 threshold. This strong decline put the cryptocurrency at a low of $1,750 on March 11, marking its lowest since November 2023. But despite this steep decline, new technical settings suggest Ethereum may be in The edge of bullish turnoveras it now retests the key resistance levels on the 4-hour chart.
Ethereum retests key resistance after rebound
Ethereum’s price action is full of downward trends and many Investors who exit the position Since early March. So, after support failed to hold, on March 10, Ethereum ended up under $2,000 and traded below this level in the past week.
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Despite sinking to $1,750, Ethereum owns Show signs of recovery It has now rebounded to $1,900. This recovery price is small, allowing cryptocurrencies to return to a downward trend line of resistance, a level that has become a barrier to simplifying cumulative movement during the recent decline.
Now, testing of this resistance presents a potential breakthrough scenario where bullish momentum flows into Ethereum. TradingView analysts highlighted this setting and pointed out that breakouts beyond the resistance trend line can be A major gathering greater than $2,000.
Analysts set bullish price targets for ETH
Trading View Analysts, although prevalent bearish sentiment continues to be valued in the wider cryptocurrency market Have been confirmed Bullish trade setting on Ethereum’s 4-hour candlestick chart. This suggests that despite the recent decline, some analysts and investors believe that Ethereum still has some level of optimism. A bullish foothold will be regained soon.
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According to the analysis, a confirmation breakthrough over $1,885 may be an ideal entry point. At the time of writing, Ethereum has not yet exceeded the downward sloping resistance trendline, as the breakout point is currently set slightly below $2,000. Analysts point out that if Ethereum is ultimately going to exceed resistance, the possible target price is $2,596.
On the other hand, the analysis suggests setting the stop loss at $1,700, meaning the setup is structured to manage risks while aiming at achieving substantial gains. If the bearish momentum is too big to overcome and the Ethereum price is rejected again at the resistance trend line. Given the high-risk reward ratio, analysts recommend watching a surge in numbers, which will confirm that Ethereum is bursting with momentum.
At the time of writing, Ethereum trades at $1,895. Over the past 24 hours, Ethereum’s price action hit an internal high of $1,950 before rejection. However, the leading Altcoin is still rolling around this resistance trendline and has a chance Push up again In the next 48 hours.
Featured images from Unsplash, charts from TradingView.com
