Ethereum is soaking in selling pressure, interestingly after posting tremendous gains in the last trading month.
It is pretty surreal for traders and investors who held through the super-cycle, doubling their investment—without leverage.
Ethereum Market Performance and Price Status
At the time of writing, there could be signs of weakness.
If anything, this may change once there is a decisive, high-volume definitive break above $4k—a round number and a strong liquidation level.
The mark is the only barrier standing between rampant ETH bulls and $4.4k—the coin’s all-time highs.
Overly, buyers are confident.
They cite favorable technical candlestick arrangements, the complete reversal of June and July 2021 losses, and the determination from the broader trading community. Besides, Ethereum fundamentals are also robust—one of the leading price movers.
For now, the Ethereum technical analysis from the daily chart points to buyers. Looking at the price action of this week, it is clear that they are not yielding. The odds of trend continuation are also elevated.
After a brief hesitation, ETH bulls came to life, thrusting prices towards $4k, cementing buyers despite the contraction of late August 2021. This is only a reaffirmation of the community’s confidence.
However, how well ETH bulls would hold in the days ahead depending on how prices conclude this week.
Another strong upswing above $4k would only embolden bulls who would almost immediately make calls for $5k and $10k in the medium-term—new all-time highs.
$5k, Here We Come
And it is precisely what’s happening.
On Trading View, one trader thinks that Ethereum prices will blast past $4k and reach $5k in the upcoming sessions.
Based on the daily chart analysis, the analyst observes that there is no resistance between $4k and $5k.
Therefore, once there is a substantive close above the psychological $4k level, it would be easy for Ethereum bulls to press the buying pedal, thrusting the coin to all-time new highs.
At present, he adds, the $3.8k level is the immediate support level, anchoring determined buyers.
ETH to $6.5k?
On YouTube, another trader is confident of another swing higher.
From the 4HR chart, he cycles back to previous historical price action that made ETH saying that whenever all-time highs are broken, prices tend to expand 42 percent before retracing.
Accordingly, while ETH bulls are ecstatic and angling for $4.3k, there could be more room for upswings for holders. In that case, a breach of $4.3k would quickly thrust ETH prices to over $6.5k—a 42 percent gain.
FOMO Pressure Reducing
Even so, not all traders are overly overoptimistic.
Nonetheless, even if there is demand, a close above $4k would be a feat for bulls targeting all-time highs.
In that case, ETH prices are at a cross. Either way, the rapidity of the uptrend won’t be as intense as in mid-August.
On the flip side, if there is a retracement, ETH prices may dump below the local support at $3.8k to reach $3.3k in a retracement.
Charts courtesy of Trading View
Disclaimer: Opinions expressed are not investment advice. Do your research.
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