Ethereum’s Soaring Ascent: Breaking Barriers and Charting a Path to $3,400

Ethereum has recently shown remarkable strength, surpassing Bitcoin with a notable 14% surge in the last two weeks. The cryptocurrency achieved a milestone by breaking the $2,500 barrier, a level not seen since May 2022. Fueled by robust fundamentals and a growing positive market sentiment, Ethereum’s recent performance sets the stage for a potential climb towards the $3,400 mark.

Riding the Bull: Ethereum’s Optimistic Trajectory

Following a peak near $2,716, Ethereum experienced a slight correction, briefly dropping below $2,600 and $2,550. Despite this, the overall momentum remains bullish. The recent approval of ETFs contributed to a surge, holding Ethereum above the $2,500 mark. This upward trend paints an optimistic picture for Ethereum’s short-term price growth.

As of now, Ethereum is trading around $2,514, showcasing an impressive 64% gain in the past year and a 10% increase in the last month. Despite a minor 1% dip in the past day, the substantial growth reflects a predominantly positive sentiment, positioning Ethereum as an attractive option for both long and short-term investment strategies.

Technical Insights and Price Movements

Analyzing Ethereum’s weekly chart, cryptocurrency analyst Ali highlighted a breakout from an ascending triangle. Despite short-term fluctuations, Ethereum is targeting the $3,400 level, with Ali predicting a potential bullish run in the coming days.

The key resistance at $2,600 is crucial, as a decisive move above this level could propel Ethereum towards $3,000 and potentially even higher to the $3,400 zone. Conversely, failure to surpass the $2,500 resistance might lead to a downward trend, with initial support at $2,440 and further potential testing at $2,300.

Technical indicators support the bullish outlook. The daily MACD shows positive momentum with a recent crossover. The RSI has risen above 50, entering a neutral zone, indicating strong buying interest but suggesting the potential for a short-term correction. The 20-EMA standing above the 50-EMA signals ongoing bullish pressure.

The Awesome Indicator reflects a bullish trend, overcoming a slight dip, while the Chaikin Money Flow Indicator, at 0.06, confirms positive market sentiment, signifying a flow of capital into the market and reflecting investor confidence.


Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

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