Can Ethereum (ETH) Break the Shackles and Reach $5000 Mark?
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- The $3,850 resistance level was breached once again by Ethereum.
- The $3,850 mark will act as an instant roadblock.
Against the US dollar, Ethereum is maintaining gains over the $3,800 mark. The price of ETH is now hovering around $3,880, but if the bulls are unable to hold around $3,680, the rally might pick up speed. The $3,850 resistance level was breached once again by Ethereum. However, there was no further rise in the price of ETH over $3,880. A peak was established at $3,891 before a lower correction occurred.
The price fell below $3,850 and $3,820. In addition, the price fell below the 50% Fib retracement line of the rise from the swing low of $3,681 to the high of $3,891. However, the bulls were aggressive, around $3,750 and the 100-hour SMA.
$3880- The Crucial Level
The $3,850 mark will act as an instant roadblock. The $3,880 mark will be the next significant hurdle to overcome. If the price rises beyond the $3,880 mark, we might see a spike to the $4,000 mark. The price might reach $4,120 if increases continue. The $4,250 threshold is the next major hurdle. Ethereum’s price might fall further if it fails to break above the $3.850 barrier. The $3,800 level serves as an early resistance level on the downside.
The $3,740 level has been the first significant level of support. The $3,740 level might serve as a crucial support level for the short future if the price breaks below it. The $3,600 level is the next significant support level. Despite this, ethereum’s price is expected to rise to $5,000 in the first quarter of 2022, as other indications seem to indicate a positive bias.
According to CoinMarketCap, the Ethereum price today is $3,818.94 USD with a 24-hour trading volume of $13,881,445,379 USD. Ethereum is up 1.72% in the last 24 hours.
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