Ethereum is once again capturing market attention as it approaches a critical technical zone that may lead to a new price breakout.
Technical Resistance for Ethereum
Ethereum is currently trading just below the psychological level of $4000, with analysts suggesting that a close above the Ichimoku cloud on the weekly chart could trigger strong upward momentum.
Indicators in Focus
A key indicator in this setup is the Lagging Span, which could confirm a bullish signal if it clears the Tenkan-sen line. This 'double confirmation' may trigger a surge in buying pressure for Ethereum.
Significance of the $4000 Level
$4000 is not just a round number; it represents a major technical resistance that could pave the way for further gains if breached with sufficient trading volume.
Traders should keep a close eye on whether Ethereum can maintain its position above the Ichimoku cloud. If these conditions are met, the next leg up might come sooner than expected.
