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Will Ethereum (ETH) reach the $4,000 mark as the bullish momentum crosses the $3,600 milestone?
As Ethereum breaks a multi-month high of $3,600, the bullish surge increases the chances of reaching $4,000. As one of the previously underperformers, the refreshed momentum has improved the sentiment of the Ethereum market.
Given this optimism, one analyst remains firm in his Ethereum price target of $6,000. Will Ethereum reach a new all-time high? Let’s explore.
Ethereum Price Analysis
On the daily chart, Ethereum’s price trend shows a breakout from a falling channel, gaining momentum. The breakout rally has completed a rounding-bottom reversal, surpassing the $3,550 mark.
This crucial resistance acted as the neckline of the rounding-bottom reversal and marked the previous peak in July before the massive drop to $2,100 levels in August.
Ethereum is trading at $3,594, with an intraday pullback of 1.71%. This pullback comes after last night’s massive jump of 10.05%, which resulted in a bullish engulfing candle above the 78.6% Fibonacci level.
Furthermore, it marked the new highest price since June 2024. Hence, the six-month bearish cycle is ending on a bullish note.
The 100-day and 200-day EMAs are on the verge of crossing bullishly. This follows a recent golden crossover, reflecting the change in the underlying sentiment.
Furthermore, the RSI line escapes a sideways trend near the overbought boundary, revealing room for growth. Hence, the technical indicators maintain a bullish viewpoint on Ethereum.
Analyst Targets $6,000 for Ethereum
Crypto analyst Ali Martinez has remained steadfast in his positive outlook for Ethereum, supporting the possibility of continued upward movement. In his analysis, he highlights a rising channel pattern on the weekly chart and projects a mid-term target of $6,000, with a long-term target of $10,000.
According to his analysis, the current rally has reached the midline of the rising channel and will likely target $6,000 if it tests the upper boundary of the channel. Given the current bullish momentum, Ethereum could reach $6,000 if it surpasses the midline.
Ethereum Target Levels
Notably, the intraday pullback could be a retest of the 78.6% Fibonacci level breakout and witness a bounce-back. Hence, as the broad market recovers, the Ethereum price trend will likely reach the immediate resistance of $4,091.
On the flip side, the crucial support remains at $3,300 and $3,000.