In the cryptocurrency world, Ethereum has been one of the most affected currencies following the recent downturn. Ethereum is showing signs of recovery after experiencing volatility in recent weeks. Analyst Rlinda predicts that if the resistance zone between $2,717 and $2,817 is surpassed, Ethereum could see a strong rise towards $4,000. However, there is a risk of pullback if these levels are not maintained.
Bulls Continue to Battle at Ethereum’s Critical Resistance Zones
The cryptocurrency Ethereum is facing a critical resistance zone between $2,717 and $2,817 on the daily chart. These levels have been tested multiple times in recent weeks. However, each time, the price has retreated from these levels and struggled to hold around $2,500. It is crucial for the bulls to overcome this resistance zone to continue the upward trend.
Ethereum, the leader of altcoins, is trading near the 50-week moving average on the weekly chart. Historically, this level has been a strong support. Additionally, the 200-week moving average is around $2,156. This supports Ethereum’s long-term upward potential.
Ethereum’s Roadmap to $4,000 Will Take Shape
If Ethereum surpasses the resistance zone between $2,717 and $2,817, a rally towards $4,000 could be possible after reaching $3,500. However, if these levels are not surpassed, the price may pull back to around $2,500. At this point, the levels of $2,425 and $2,400 are also critical.
Recent liquidation events followed by rapid recovery indicate the market’s potential for upward movement. However, for the bull market to continue, it is necessary to reach and maintain the $3,000 level. Consolidation above these levels could allow Ethereum to reach new highs.
Ethereum‘s future movements largely depend on how these resistance levels are overcome. If the bulls break this resistance and continue the rise, the $4,000 level could become a realistic target in the near term. However, in case of failure, a pullback in the market should also be considered. It is important to remember that Bitcoin’s direction will also have an impact. A downward move by Bitcoin, the flagship of cryptocurrencies, could dampen hopes for a rise in Ethereum.
