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Ethereum Price Analysis – ETH Breaks $4,000 After 99% Monthly Surge – $5,000 This Week?

3 Mins read

Key highlights:

  • Ethereum is up by an epic 99% over the past month as it smashes past $4,000 today.
  • The cryptocurrency managed to break $4,000 just a week after breaking $3,000.
  • Against Bitcoin itself, Ethereum continues to outperform the number one ranked cryptocurrency as it surges into ₿0.097.

Buy Ethereum on Binance

Ethereum price $4,120
Key ETH resistance levels $4,235, $4,500, $4,622, $4,750, $4,960
Key ETH support levels $4,000, $3,765, $3,460, $3,213, $3,000

*Price at the time of writing

Ethereum continues its extraordinary price run to break $4,000 today after surging by a total of 99% over the past month of trading. Toward the end of April, Etheruem break toward the upside of an ascending price channel as the market started to turn parabolic.

A few days after breaking the ascending price channel, Ethereum went on to break $3,000. Over this past weekend, ETH struggled with resistance at around $3,965, but this was eventually penetrated today as ETH surged past $4,000.

The latest price increase has now allowed Ethereum’s market cap to grow past legacy giants synch as Wal-Mart and Johnson and Johnson.

One of the reasons for this recent price rally is the fact that institutions are now starting to shift their attention toward Ethereum. A report from Coinshares stated that institutions had bought over $30 million worth of ETH toward the end of April, and institutions are estimated to hold almost $14 billion worth of ETH comboned.

Additionally, the upcoming upgrades to the network continue to act as long-term fundamental driving forces behind the major price increase. ETH 2.0 has been on the cards for a few months and, when this upgrade goes live, it will turn Ethereum into a Proof-of-Stake blockchain bringing in a host of much-needed scalability fixes.

Furthermore, the London hard fork for Ethereum, scheduled for July this year, will include EIP-1559 which will introduce a new fee schedule to the network, expected to decrease the skyhigh transaction fee costs signficantly.

Etheruem now holds a market cap value of around $478 billion.

Let us continue to take a look at the markets and see where they might be heading.

Ethereum Price Analysis

What has been going on?

Taking a look at the daily chart above, we can significantsee Ethereum breaking the ascending price channel toward the end of April as it broke above $2,750. It went on to penetrate above $3,000 in the first few days of May as ETH started to surge higher toward $4,000.

Over the weekend, Etheruem pushed higher from $3,500 and headed into the resistance at $3,965, provided by a 1.272 Fibonacci Extension level. It was unable to break this resistance until today when Ethereum sailed past it and broke above the $4,000 resistance. It is now trading above $4,100.

Ethereum price short term prediction: Bullish

Etheruem remains strongly bullish right now and is a long way from turning bearish. To turn neutral, Ethereum would now need to fall beneath the support at $3,000. Here lies support at a .618 Fib Retracement and is also the upper boundary of the previous ascending price channel. To turn bearish, Ehteruem would need to continue further beneath $2,140 (100-days EMA).

If the sellers start to push lower, the first level of support lies at $4,000. This is followed by $3,765 (.236 Fib Retracement), $3,460 (.382 Fib Retracement), $3,214 (.5 Fib Retracement), and $3,000 (.618 Fib Retracement).

Where Is The Resistance Toward The Upside?

On the other side, the first level of resistance is now expected at $4,235 (1.414 Fib Extension). This is followed by $4,500, $4,623 (1.618 Fib Extension), $4,750, and $4,970 (1.414 Fib Extension – purple).

IF the bulls continue to drive ETH above $5,000, additional resistance lies at $5,076, $5,200, $5,381 (1.618 Fib Extension – purple), and $5,623 (1.618 Fib Extension – green).

What has been going on?

The situationsky high is fairly similar for Ethereum against Bitcoin. The cryptocurrency penetrated above an ascending price channel at the end of April as it broke above additional resistance at ₿0.0517 (1.414 Fib Extension).

From there, it continued higher but found resistance around ₿0.062 last week. This resistance was finally broken over the weekend as ETH surged past ₿0.0684 (1.272 Fib Extension) to hit as high as ₿0.07 today.

Ethereum price short term prediction: Bullish

Ethereum is considered highly bullish against Bitcoin in the short term. To turn neutral, it would need to fall beneath ₿0.05. It would have to continue to fall further beneath the support around ₿0.04 (.886 Fib Retracement) to be in danger of turning bearish in the short term.

If the sellers push lower, the first level of support lies at ₿0.065. This is followed by ₿0.0618 (.236 Fib Retracement), ₿0.06, ₿0.0567 (.382 Fib Retracement), and ₿0.05.

Beneath ₿0.05, additional support liues at ₿0.0484 (.618 Fib Retracement), ₿0.045, and ₿0.0425 (.786 Fib Retracement).

Where Is The Resistance Toward The Upside?

On the other side, the first elvel of resitance beyond ₿0.07 lies at ₿0.0712 (1.414 Fib Extension). This is followed by ₿0.0753 (1.618 Fib Extension), ₿0.0776 (1.272 Fib Extension – blue), ₿0.08, and ₿0.0824 (1.414 Fib Extension – blue).

Additional resistance is located at ₿0.085 and ₿0.09.

Keep up to date with the latest ETH price predictions here.

Previous ETH analysis

At CoinCodex, we regularly publish price analysis articles focused on the top cryptocurrencies. Here’s 3 of our most recent articles about the price of Ethereum:

  • Ethereum Price Analysis – ETH Breaks $3,000 and Makes Founder A Billionaire – When $4,000? (Bullish)
  • Ethereum Price Analysis – ETH Continues To Outperform Bitcoin As Bulls Eyeball $3,000 – Will They Reach This Week? (Bullish)
  • Ethereum Price Analysis – ETH Totally Outperforms Bitcoin As Bullish Surge Pushes Coin Near All-Time High Prices (Bullish)

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