Ethereum is nearing a critical resistance level of $4,000, which has a long history of price rejections. Experts discuss whether the cryptocurrency can break through this threshold and what potential implications this may have.
Ethereum Approaches $4,000 Level
Ethereum is currently at a crucial test of the $4,000 resistance level. This level has become a significant barrier to price growth, as past attempts to surpass it have met with failure. Expert Merlijn The Trader notes that if Ethereum breaks this level, it could quickly rise to $10,000.
Broadening Wedge Formation
Crypto analyst Jonathan Carter pointed out that Ethereum is forming a Broadening Wedge on the three-day chart. He indicated this as a sign of consolidation near a key resistance zone. Carter also suggests that the wedge breakout, confirmed by volume, could propel Ethereum’s price to targets between $4,700 and $6,850.
Ethereum Liquidity Around $3,900
Trader TedPillows reports that Ethereum liquidity is concentrated around the $3,900 mark, which could signal an impending move toward this level. This level serves as both support and resistance, and strong buy-side interest could indicate further bullish momentum.
Ethereum continues its struggle to break the $4,000 level, and experts expect that a successful breakout could lead to significant growth. Monitoring liquidity and volume at the $3,600 and $3,900 levels will be critical for the market's next direction.
