Ethereum’s Recovery
After Bitcoin hit a record high, Ethereum (ETH) surged above $3,800. However, it later crashed by over 10%. But ETH has bounced back and reached $3,900 for the first time in over two years.
The Rally
Ethereum surged above $3,800 on Thursday, but then lost momentum and dropped to $3,360. However, it has since recovered alongside Bitcoin.
Breaking Resistance
ETH cleared a crucial resistance level of $3,600 during its recovery. It has maintained its price above $3,800 for the past several hours.
Hitting $3,900
Ethereum reached $3,900 for the first time since December 2021. It briefly touched $3,901 before falling back to $3,850.
Current Price and Performance
At the time of writing, ETH is trading at $3,834. It has dropped by 1.6% in the last hour but is still up 2% from 24 hours ago. ETH has also seen strong performance over longer timeframes, with a 16% increase in the past week and a 145% increase in the past year.
Market Outlook
Analysts predict that ETH’s rally is not over yet. Some believe it could reach $4,000 soon. Ethereum’s momentum is fueled by Bitcoin’s surge, as well as the upcoming Dencun upgrade and the possibility of Ether-based ETFs being approved by the SEC.
Support and Resistance
Traders suggest that Ethereum’s next support level is $4,200. They believe that the recent price correction was a temporary setback and that ETH is poised for further gains.
