Ethereum (ETH) has unmistakably surpassed a resistance threshold, the 50-day Exponential Moving Average (EMA50), sparking renewed bullish activity throughout the market. This breakout signifies a critical change in market direction, paving the way for a potential surge toward higher objectives around the $4,000 mark.
Ethereum Aims for $4,000 Following EMA50 Breakout
The Ethereum price has exhibited a remarkable surge subsequent to its recent breakthrough above the EMA50 barrier. In light of this event, cryptocurrency analyst Doctor Profit has predicted on the X social platform that ETH is poised for a significant ascent toward $4,000.
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Providing an in-depth chart analysis, Doctor Profit revealed that Ethereum successfully closed above the pivotal moving average after weeks of resistance and unsuccessful attempts to transform it into support—a challenge clearly illustrated by the numerous rejection wicks indicated by the green arrows.
Importantly, Ethereum’s breakout has initiated a robust continuation pattern, with its price surging over 28.17% in a mere week, escalating from roughly $2,500 to a peak near $3,226 at the time of the analysis. This price movement signifies a prominent change in momentum, suggesting that the bulls may have regained dominance on the longer time frame.
As per Doctor Profit, Ethereum’s current technical configuration suggests that additional upside may ensue following its EMA50 breach. The clear break and retention above the moving average have nullified prior bearish pressure zones and paved a way toward potentially elevated price targets.
Based on historical price actions after similar breakouts, the analyst anticipates Ethereum to soar toward $4,000 in the upcoming weeks. Such a movement would represent a significant 9.64% rise from its current value of approximately $3,648.
In his commentary, Doctor Profit stated that ETH is exhibiting no immediate indications of weakness on the chart, with the price steadfastly remaining above previous resistance levels. Consequently, the recent breakout seems to have established a firm foundation for the next upward movement.
ETH Upside Targets Extend Beyond $4,000
Cryptocurrency market authority Henry asserted in a recent analysis on X that Ethereum has mounted a resurgence, surpassing $3,400 for the first time in five months and breaking out of a classic Bull Flag pattern. This bullish wave follows weeks of price stabilization and a crucial fakeout, which seems to have effectively eliminated prior downside liquidity.
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After establishing two distinct consolidation areas around the $1,800-$2,000 and $2,800-$3,000 levels, ETH faked a breakdown prior to initiating a steep rally. The cryptocurrency’s chart configuration now reveals strong bullish continuation signals, with the current trend indicating an immediate objective of $4,000.
Henry has predicted that Ethereum’s upside aspirations reach far beyond $4,000, with potential benchmarks estimated at $6,000 and even $10,000. While the analyst remains optimistic about ETH’s capability to achieve these bullish targets, he acknowledges that a short-term pullback to around $2,800 is plausible before the price ascent.
Featured image from Pixabay, chart from Tradingview.com
