Ethereum Stays Above $3,700, Eyeing a new Bullish Breakout
Ethereum’s price (ETH) is holding steady above $3,700. This level acts as a crucial support, hinting at a potential re-accumulation range up to $4,240.
The recent price action shows a bullish signal. A bullish engulfing candle formed after a dip, indicating renewed interest from buyers. This happened after the price touched the 200-day moving average, which provided strong support.
Bit Digital’s acquisition of over 31,000 ETH by Bit Digital underscores institutional faith in Ethereum.
Key technical levels to watch:
- Major Support: $3,700,matching the value area low and 200-day moving average.
- Major Resistance: $4,240, defining the upper limit of the potential range.
Market analysts see this as a developing equilibrium phase.If Ethereum stays above $3,700, it could consolidate before aiming for $4,240. A breakout above this level could signal a new bullish phase.
However, if the price drops below $3,700, it might lead to a deeper correction. For now, the price action suggests a re-accumulation range, setting the stage for a significant move. Traders should monitor these levels closely.
