The Ethereum price has recovered much of its bullish momentum this week as it is on a tear towards $4,045 with a single day gain of 3.46%—as per market data.
The rally in ETH price is taking place with the increasing buying pressure and bullish market sentiment as the second-largest cryptocurrency is testing a critical resistance zone.
With this, the traders and investors are paying attention to the possibility of ETH continuing its uplift to the next significant milestones in the coming time.
ETH Coin Price Holds Strong Above $4,000!
The ETH price has surpassed through the psychological $4,000 today, however, it experienced a pullback from $4,045 level. This area earlier served as a strong opponent in the fall of 2024 before a major correction was recorded.
The levels of $3,760 and 3,500 are now acting as immediate support. In the event that ETH does not manage to stay above the $4,000 mark a retest to the $3,760 mark might present an opportunity to retest the bulls.
The Relative Strength Index (RSI) is at 69.01 and is close to overbought levels, indicating caution but at the same time a good indicator of strong bullish momentum. Any further rise of above 70 on the RSI will be an indication of overextension, suggesting extreme bullish pressure.
The MACD indicator supports the positive sentiment too, as MACD line (183.98) remains above the signal line (175.01) despite increased volatility. It suggests a healthy uptrend power, but traders need to pay attention to any around-to-strike signs of bearish latitude in shorter time frames.
The short-term will be extremely important as ETH crypto will need to maintain the price above $4,000. A breakout above $4,050 could push the price toward its upper price target of $4,350 next week.
Conversely, a bearish reversal may result in the largest altcoin experiencing a drop below its $4k mark. An increasing selling pressure could pull the value of Ethereum toward its lower price target of $3,760 within a short period of time.
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