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April 22, 2024
Market Analysis

Ethereum Explodes Past $4,000 as Bulls Now Eye All-Time High Levels (ETH Price Analysis)

Ethereum’s worth has been rallying quickly over the previous couple of weeks, breaking previous a number of resistance ranges. But, the worth has reached a big stage that would maintain the marketplace for some time.

Technical Evaluation

By TradingRage

The Day by day Chart

On the day by day chart, the worth has been steadily rising, making larger highs and lows. The market has left the 200-day transferring common far behind, a habits sometimes seen throughout crypto bull markets.

At the moment, the ETH worth is making an attempt to pierce by means of the $4,000 resistance stage after failing to take action final week.

If the breakout happens, ETH will doubtless attain a brand new all-time excessive. Nevertheless, judging by the huge overbought alerts on the RSI, a pullback appears fairly possible within the brief time period.

Supply: TradingView

The 4-Hour Chart

Trying on the 4-hour timeframe, it’s evident that the worth has been consolidating beneath the $4,000 stage for some time. But, the bullish momentum has seemingly kicked in once more, and ETH is on the verge of blowing previous the $4,000 resistance zone.

The Relative Energy Index additionally exhibits values above 50% however continues to be not overbought on this timeframe. Due to this fact, the market may nonetheless rise larger earlier than an eventual correction.

eth_price_chart_1103242
Supply: TradingView

Sentiment Evaluation

By TradingRage

Ethereum Funding Fee

Whereas Ethereum’s worth has but to achieve a brand new all-time excessive, market individuals count on the worth to rally a lot larger. This optimistic habits can simply be witnessed in future market sentiment.

This chart presents the Ethereum funding charges, which point out whether or not the consumers or the sellers are executing their orders extra aggressively on combination. Constructive values point out bullish sentiment, whereas damaging values level to pessimism by market individuals.

The chart demonstrates that the funding charges have been exhibiting extraordinarily excessive values just lately, even larger than over the last all-time excessive. Whereas this combination shopping for stress is just not inherently dangerous, it may result in a possible long-liquidation cascade that would trigger short-term worth drops.

eth_funding_rates_chart_1103241
Supply: CryptoQuant
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Cryptocurrency charts by TradingView.

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