Ethereum’s price has been bouncing around lately, but a key expert believes it’s poised for a big jump.
A Crucial Support Level
Analyst Daan Crypto Trades points to $4,400 as a make-or-break level for Ethereum (ETH). He says that as long as ETH stays above this price, it’s still on track to hit $5,000. This $4,400 level is significant because it’s near the 200-day moving average on the 4-hour chart, and it aligns with strong buying activity. Even with some price swings between $4,100 and $4,800, $4,400 has acted as solid support.
Companies like Bitmine Immersion Technologies are steadily buying more ETH, showing confidence in the cryptocurrency. This sustained buying, along with ETH’s quick recovery after dips below $4,500, suggests buyers are in control.
The $5,000 Waiting Room
Daan Crypto Trades calls the current situation an “$5,000 waiting room.” He believes a drop below $4,000-$4,100 is possible, but unlikely as long as the $4,400 support holds. The 200-day moving average and exponential moving average are providing solid underlying support.
ETH’s recent bounce back towards $4,600 after testing the lows is a bullish sign, indicating buyers are ready to push the price higher. If this momentum continues, hitting the previous high of $4,868 and then surpassing $5,000 could happen soon.
