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HomeAnalysisEthereum Price Eyes More Upsides as It Breaks Above $3,800

Ethereum Price Eyes More Upsides as It Breaks Above $3,800

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The Ethereum price is on the move again, surging above the $3,800 resistance level and eyeing more gains in the near term. After a strong rally following the approval of the ETH ETF, the cryptocurrency has been making steady progress, with bulls defending key levels and pushing the price higher.

Ethereum price daily chart | Source: ETH/USD on TradingView.com

According to recent charts, Ethereum has been testing the 23.6% Fibonacci retracement level of the upward move from the $2,870 swing low to the $3,975 high. Despite a minor pullback from the $3,975 zone, the price has remained well above the 50-day simple moving average (blue) and the $3,700 zone.

The latest surge has seen Ethereum break above the $3,780 and $3,800 resistance levels, clearing a short-term contracting triangle with resistance at $3,800 on the daily chart. This is a positive sign, suggesting a high chance of more upsides ahead.

Immediate resistance is near the $3,900 level, with the first major resistance at $3,950. The main resistance could be $4,000, with a clear move above this level potentially sparking another increase. A successful daily close above $4,000 could send Ether toward $4,080, with the next major resistance visible near $4,250.

In the event of a successful close above $4,250, Ethereum might surge toward $4,400, potentially even reaching the $5,000 zone in the near term.

However, there is also a risk of a downside correction. If the price breaks below the $3,700 support zone, there could be a larger pullback. In this scenario, the price might test the $3,550 level, with the next major support at the 50% Fibonacci retracement level of the upward move from the $2,870 swing low to the $3,975 high at $3,420.

Overall, Ethereum’s price is holding gains above $3,720 and $3,700, and if it clears the $4,000 resistance, there could be a fresh surge in the near term.

Source: CoinChapter

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