Ethereum showcases strong growth, surpassing the $4,300 mark. However, analysts warn of potential correction.
Current Trends of Ethereum
Since early August, the price of Ethereum ($ETH) has shown significant growth, breaking through multiple resistance levels. After reaching $4,300, it has slightly retraced to the current $4,223. Technical analysis suggests that a correction might occur, potentially serving as a healthy pullback before a new rally towards $5,000.
Support and Resistance Levels
Key resistance levels include: - Immediate Resistance: $4,300 - Major Resistance: $5,000 - Immediate Support: $3,838.9 - Key Support Zone: $3,756 - $3,507. If the price drops into the $3,838–$3,756 range and finds buying support, it could launch the next bullish movement.
Ethereum Price Prediction
The current trend remains positive; however, buying Ethereum at current levels without a pullback could be risky. Historically, when Ethereum's RSI exceeds 70, the price tends to consolidate before the next significant movement. This makes the $3,838 range a crucial battleground for market participants.
The analysis indicates strong demand for Ethereum. Despite a potential short-term correction, there remains a growth opportunity if the price stays above the $3,756 level.
