Ethereum’s price surge has hit a roadblock, failing to break above the $4,000 mark once again. But all hope is not lost for a potential bullish recovery in the near future.
According to TradingRage’s technical analysis, the daily chart shows a downward trend over the past two weeks, with Ethereum being rejected at the $4,000 resistance level. Currently, the $3,500 level is acting as support, preventing the price from dropping further. However, a bearish breakout could lead to a decline towards $3,000 and the 200-day moving average, signaling a possible shift in the overall trend.
On the 4-hour chart, Ethereum seems to be bouncing back from the $3,500 support zone, forming a falling wedge pattern and breaking above it, which is a bullish reversal signal. If the price can surpass the recent high around $3,650, a rally towards the $4,000 resistance level is likely. Additionally, with the RSI climbing back above 50%, a bullish scenario becomes more probable.
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