HomeLatest NewsEthereum price analysis: ETH bulls target breakout above $4k

Ethereum price analysis: ETH bulls target breakout above $4k

ETH/USD remains on track for a new all-time high, but a flip below $3,800 could trigger a reversal to the $3,500 zone

ETH price is hovering around $3,856 at time of writing, with bulls experiencing the second day of bearish pressure that has capped its latest upside. The downward pressure threatens to push the ETH/USD pair lower, which might see bears establish the $4,000 zone as the main supply wall.

Notably, Ethereum price reached a high of $4,030 on the crypto exchange Coinbase on 3 September and achieved a daily close of $3,940 — the highest close since 14 May. As Bitcoin (BTC) looks to strengthen above $52,000, a similar move for ETH could bring into play an upside towards the all-time high.

According to popular technical analyst Rekt Capital, the bullish view for ETH is supported by the possibility of a "U-shaped" pattern formation.

Ethereum price outlook

Ethereum's breakout to the $4k level followed a bull flag pattern formation on the daily chart. The breakout above the resistance line around $3,330 saw bulls rally to the $4,030 high.

Although profit-taking deals have seen prices fluctuate below $3,900, the technical picture suggests bulls still have the upper hand. We have the daily RSI trending with a positive divergence and near the overbought territory, while the daily MACD is in the bullish zone.

If ETH/USD holds above $3,832 (yellow horizontal line), a swift rebound could include a breakout above the $3,950 to $4,078 price range. Bids above the $4,080 supply wall could allow buyers to push ETH/USD towards the $4,400 level.

ETH/USD daily chart. Source: TradingView

On the downside, a break below the $3,832 line could call for more selling. In this case, Ethereum's price might decline to the 20 EMA line currently located at $3,529. If there's an extended downside in the short term, bulls could seek to defend gains at the horizontal anchor near $3,330.

<Check out our how to buy Ethereum page here> https://coinjournal.net/ethereum/buy/

Accepts customers from the USA
Offers 15 crypto coins to buy&sell including BTC, LTC, ETC, NEO and more
Trade on the world's leading social trading and investing platform
Open My Account

We use cookies to personalise content & ads, provide social media features and offer you a better experience. By continuing to browse the site or clicking "OK, Thanks" you are consenting to the use of cookies on this website.