Ethereum has reached a milestone by breaking descending resistance, creating optimistic prospects for the world's second-largest cryptocurrency.
Technical Analysis: Key Levels for ETHUSD
Ethereum traded within a defined range where the descending trend served as resistance, and the zone around $3,100 acted as critical support. The breakout above the resistance zone around $3,350 signals renewed bullish momentum. Dhungana's forecasts point to the next targets being $3,600 and $4,000. Traders should watch trading volumes closely to confirm the breakout's validity.
Bullish Implications and Expectations
The breakout could signify the start of a new uptrend for Ethereum, especially if buyers maintain positions above the trendline. However, traders should be prepared for potential pullbacks to retest the $3,350 level. Successfully holding this level could strengthen bullish sentiment.
A Final Note: Dhungana’s Expert Call
Dhungana’s 4-hour chart analysis was validated, emphasizing the importance of this moment for traders. With Ethereum breaking free, eyes are on whether it can maintain the momentum and reach the $4,000 target. Caution and risk management are critical in this dynamic market.
Ethereum's network continues to capture attention, and if bullish sentiment persists, the cryptocurrency might reach new heights in the coming weeks.
