ETH on Fire! Following Bitcoin’s surge above $71,000, Ethereum (ETH) is experiencing a major comeback in March 2024. ETH prices just hit new 2024 highs, fueling excitement about its future. But the question remains: how high can ETH climb in the coming months?
Technical Analysis Paints a Bullish Picture:
- $4,000 Milestone Crossed: Analysis shows ETH, now boasting a $479 billion market cap, has surpassed the $4,000 barrier for the first time in two years! Trading volumes are also surging, hitting $22 billion, indicating strong upward momentum.
- Impressive Gains: After a 15% weekly gain, ETH has rallied a staggering 60% over the past month. This bullish breakout suggests a potential trend reversal.
$5,000 on the Horizon?
Analysts believe that if ETH can maintain support around $4,000, the next target could be $6,835 based on the Fibonacci extension level (a key technical indicator). This is a significant milestone if the current bull run continues. However, there’s a chance of consolidation or correction before further gains.
Reaching New Highs?
ETH’s all-time high sits at $4,891 (November 2021). Currently, it’s only 18% away from reclaiming that record. While a market downturn could trigger a pullback, current indicators favor the ongoing bullish trend.
The Future Looks Bright:
With ETH firmly in recovery mode, technical analysis suggests history might repeat itself. If Bitcoin maintains its $71,000 level, ETH and other altcoins could experience a bullish surge in the coming days. Buckle up, crypto enthusiasts, the ride’s just getting started!
