With Bitcoin hitting new all-time highs, altcoins like Ethereum have embarked on renewed waves of recovery so far in March 2024. Amidst this bull run, ETH prices tapped new yearly highs, feeding optimism around the crypto’s outlook. The big question now is: just how high can Ethereum trend in the months ahead?
Analysis of weekly price charts reveals Ethereum, with its $455 billion market cap, staged a rounding bottom breakout by reclaiming the $3,800 zone. This signals strengthening upside momentum, backed by a 49% spike in trading volumes to $28 billion.
After logging 9% gains last week, ETH has rallied 63% across the past 30 days. Ethereum has notched a bullish milestone that hints at a trend reversal. This Fib level often forms tough resistance, restricting further recovery rallies.
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Can Ethereum hit $4,000?
Ethereum’s price action has recently displayed technical patterns suggesting that the current uptrend may persist, potentially reaching the 78.6% Fibonacci retracement level at approximately $3,872. If this level is breached, it could open up the possibility of Ethereum meeting or surpassing its previous all-time high of $4,868.
Provided that Ethereum’s price maintains support around the $3,872 level shortly, certain analysts project the next potential upside target to be around $6,835, based on the 1.618 Fibonacci extension level.
This would signify the subsequent crucial price milestone if the present bullish momentum continues. Nevertheless, it is also plausible that prices might experience consolidation or correction before any further upward movement.
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Of course, if existing market conditions deteriorate again, Ethereum may see a downside. However, indicators presently favor the ongoing bullish structure persisting through February.
So, with ETH firmly back in recovery mode, early technical clues support the growing narrative of history repeating itself this cycle.
