Ethereum Price Analysis: ETH Explodes Above $3K, Charts 20% Weekly Gains
Ethereum has experienced a surge in buying pressure near the $2.4K support level, leading to a significant price increase and the reclaiming of key resistance levels. This indicates a potential shift towards a bullish market sentiment, with expectations of higher price levels in the mid-term. The daily chart shows intensified buying near the $2.4K boundary, resulting in Ethereum breaking through critical resistance points, including the 100-day and 200-day moving averages, and the upper boundary of a descending channel.
This performance signals a bullish shift, with the possibility of reaching a new all-time high by year-end. The 4-hour chart reveals a surge from $2.4K, surpassing the $2.8K resistance and approaching the upper boundary of a flag pattern at $3.1K.
However, a short-term rejection and corrective retracement may occur, setting the stage for a healthier uptrend. Onchain analysis of the fund market premium metric shows a substantial decline from Ethereum's all-time high, followed by a modest rise since January 2023, indicating renewed market optimism and robust demand for Ethereum funds. This positive shift in the premium metric could reinforce Ethereum's broader price momentum and contribute to its future price growth trajectory.
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