Ethereum breaks through the $4,000 mark and then pulls back. Will the bull market trend continue?
According to CryptoPotato, Ethereum recently broke through important resistance levels and crossed the psychological barrier of $4,000, setting a new high for the year. However, this breakout met with resistance, leading to a significant pullback. The question now is whether this pullback is just a temporary setback or the beginning of a bullish trend. Daily chart analysis shows that bullish sentiment around Ethereum remains strong, evidenced by a strong, sudden move above key resistance at $4,000. However, after briefly breaking above the key resistance at $4,000, the price came under intensifying selling pressure, possibly due to profit-taking by market participants, causing the price to fall sharply to the important support zone around $3,500. The market may find support in this area and start a new leg higher. However, in case of an ongoing pullback, Ethereum price is expected to find support near key levels of the Fibonacci retracement, specifically between the 0.5 ($3,181) and 0.618 ($2,966) levels.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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Data: BitMine currently holds approximately 3.56 million ETH, with an unrealized loss of $2.98 billion.