After a brief consolidation period, Ethereum is recovering its position and aiming for a new target of $4,000, reinforcing its bullish trend.
Ethereum Shows Resilience at Key Support Levels
Recent price movements of Ethereum indicate sustained buyer interest. Support levels between $2,800 and $3,200 serve as a base for growth. After reclaiming these zones in early July, the asset surged, forming a clear breakout above resistance.
The sequence began with nine consecutive green daily candles, followed by two minor red sessions, before buyers stepped in again. This recovery, now confirmed by two more green candles, reinforces the bullish control illustrated in the chart shared by @IncomeSharks.
Ethereum Rally Following Resistance Breakout
After the resistance breakout, Ethereum continued with a textbook continuation pattern formed in June. The rally picked up speed as volume returned and the structure remained clean.
Partial profit-taking, shown by a 'Selling 10%' label on the chart, has not disrupted the trend. The supertrend indicator remains well below price, confirming that bulls still have control over the market direction.
Ethereum's Next Target is $4,000
As of writing, Ethereum is trading at $3,758.90, showing a daily gain of 2.86% and a 5.17% increase over the past week. Daily trading volume is at $36.6 billion, indicating active participation in this trend.
Sentiment is positive due to the structure, momentum, and support. With just a small push needed, Ethereum seems ready to reach the $4,000 target soon.
Ethereum continues to strengthen its position, relying on strong support and positive market sentiment, creating favorable conditions for further growth.
