Ethereum continues to demonstrate positive dynamics, breaking through key resistance and trading volume levels, creating conditions for possible further growth.
Ethereum's Surge and Strong Trading Volume
Ethereum climbed above $4,200 following a decisive breakout from its recent consolidation phase. This price movement has led to hopes that the asset may be entering a third wave of its Elliott Wave phase, which has historically been associated with high and sustained price increases. The recent rally was supported by a significant increase in day trading volume, observed in recent months.
Resistance and Support Levels for Ethereum
Ethereum is currently testing resistance in the $4,300 to $4,350 range. A confirmed daily close above this zone could open the door for targets in the $4,600 to $4,800 area. The key support level has been established at $4,000, and successfully defending this level could strengthen the bullish momentum.
Prospects for Continued Bull Cycle
Market forecasts indicate that if Ethereum avoids major pullbacks and maintains its current momentum, the $5,600 target remains within reach. Volatility in such rallies may be high, and traders are advised to closely monitor resistance and support levels.
Ethereum's surge beyond key resistance levels strengthens the case for a powerful rally. As long as momentum persists and primary support levels hold, the projected $5,600 target remains a realistic short-term objective.
