Analysis: can we expect an ETH price of $3,500 soon? – BLOX | News

As Bitcoin continues to surpass all-time highs, the altcoin market is moving along with it. Ethereum is up almost 40% in the past week, and it shows no sign of stopping there. Let’s look at the graphs.

How is ETH?

We start this analysis as usual with the daily schedule. In this way we can see the most important price levels that have influenced the price. These are shown below as a gray zone, a green zone and two red lines.

We have already talked about the gray area many times, but it should not be forgotten. This price level started in January 2022, but has been in effect to this day. Almost every time the course comes here it changes course. So it is good to remember this point.

In addition, we see a green zone. This was a place where Ethereum often found support, but when it fell through once, it started to fall into the gray zone. Fortunately, this was bought quickly and ETH recovered well. As a result, the bottom is now moving above the green zone again.

So we are now expected to find support again when ETH falls here again. However, this may take some time. The currency is in an uptrend, and if it is not broken, we will not go much below $3,100.

What can we expect in the near future?

To analyze this better, let’s also look at the 4-hour chart of Ethereum. Here each candle represents 4 hours, so we can see the price in more detail. So the bottom is moving in an uptrend with higher highs and lower lows, which is why those red lines are important.

The lower red line comes from the previous low (around $3,100). The currency must not fall below this if it wants to continue the upward trend. So it is good to be clear on this point just in case.

The upper red line is around $3,500 and comes from the previous high (from the first chart). This is a previous long-term high. To start the raise on that chart, the coin must be able to rise through this line. So it would be great if ETH passes here.

So it is good to wait for that positive trend first and maybe expect the lower high after that. A previous high like that red line can be a point of resistance. So, keep a close eye on the graph.