March 23, 2022 / Analytics

Ethereum Price Analysis: ETH/USD Could Reach $4,000

ethereum forecast

Ethereum (ETH) cryptocurrency market is in a bullish trend, but trading volume remains at a fairly low level. Therefore, the coin will rise in price at best to $3200 by March 30th.

Key Points

  • ETH is trading slightly above the 100 hour moving average ($2,936).
  • An uptrend line has formed on the hourly chart with support in the $2,900 area.
  • The nearest resistance barrier is located at around $3,200.

Buyers have made great strides in Ethereum market over the past seven days. Firstly, they managed to overcome the 23.6% Fib ($2,800) taking into account the dump from $4,867 to $2,150. Secondly, the bulls broke up the shrinking triangle that began to form in the first half of February.

eth chart

The only downside is that traders are unable to gain a foothold above the $3,000 resistance barrier. But, judging by the dynamics of the upward movement, this barrier will be taken by storm over the next two sessions. After that, the value of ETH will rise to $3,200, which is the 32.2% Fib.

eth chart

Ethereum Price Could Reach $4,000

The bulls have little chance of gaining a foothold above $3,200 on their first try. Accordingly, after rising to $3,200, the cryptocurrency rate will most likely correct to $2,800. Then a new round of the bullish trend should begin, which will bring ETH to new heights.

Considering the width of the shrinking triangle and the breakout point of the pattern, we can assume that the uptrend target is in the $4,000 area. Therefore, over the next month, the situation will develop as follows:

  1. the cost of Ethereum will rise to $3,200;
  2. the coin will fall in price to $2,800;
  3. the asset rate will increase to $3,500 (50% Fib).

eth chart

ETH price consolidated above the bearish trend line that started on December 1. Therefore, the downward trend ended, and the market reversed. Drawing an analogy with the bullish trend after the end of the dump in 2018, it becomes obvious that the price of the coin will grow gradually with regular corrections and will increase by a maximum of 130% in four months: up to $5,000.

Technical indicators:

  • 4 hours MACD is in the bearish trend zone.
  • 4 hours RSI is above 50 (in the neutral area).
  • The main support level is $2,900.
  • The main resistance level is $3,200.
  • The nearest pivot points are $2,783 and $2,970.
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