CandleFocus Ethereum Price Surge: Can Bulls Push Toward $4,000 After Whale Sell-Off?
2024-11-22
Author: Content Editor
Ethereum has experienced a significant bounce back after a period of consolidation, with the price surging and forming a bullish engulfing candle. The cryptocurrency's market cap has surpassed $400 billion, indicating the potential for a major rally that could target $4,000. Ethereum's daily chart shows strong buying pressure and a completion of a U-shaped reversal, with the next immediate resistance at the 78.60% Fibonacci level of $3,553. The 50-day exponential moving average (EMA) has crossed above the 100-day and 200-day EMAs, signaling a bullish crossover. Additionally, the MACD and signal line have avoided a bearish crossover, further supporting bullish momentum. However, the presence of a large Ethereum holder selling off a significant portion of their holdings may impact market sentiment. If the price is unable to break above the $3,553 resistance level, a retracement back to the $3,000 level and a test of the support zone could occur.
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