• Sat. Apr 13th, 2024

Ethereum gained about 3% within the past 24 hours. That way, the alt reclaimed the critical level at $4K amid broad market bullishness. For now, ETH trades with positive sentiment at $4,033. Also, most top coins hover with gains early on Tuesday. Bitcoin gained around 3.7% to regain the decisive zone at $48K as Cardano stood at $1.26 following a 0.36% price increase.

Terra and Avalanche are the leaders as far as the top ten digital coins’ gains are concerned. LUNA extended its upward rally to $82.72 after a 4% surge following the Kraken listing. On the other side, AVAX gained 11%, trading beyond $110. Is Ethereum in for a Christmas rally over the holidays?

ETH to Launch an Uptrend after Regaining $4K Support

Ethereum (ETH) price has traded within a descending channel since December’s initial sessions. Meanwhile, the sinking channel’s upper boundary ensured a resistance that stopped the bounce from the channel’s footing. That indicates selling activities.

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Nevertheless, the newest rally has witnessed Ethereum price slicing the mentioned resistance and the leading altcoin trades beyond the channel’s top border and the psychological mark of $4K. That authorized a bullish move that can take the alt higher towards levels of $4.4K.

Nonetheless, Ethereum has to conquer the significant resistance bolstered by 200-d SMA at $4.3K for a steady rise.

ETH/USD Chart

The upward move by the Relative Strength Index and MACD indicates that Ethereum is in a bullish market.

However, the massive resistance around the $4.1K mark might see ETH extending the stay within the descending channel in the coming days. Bulls can then try to push the leading altcoin beyond the Ether channel. Bullish success will highlight reducing selling pressure.

Meanwhile, Ethereum breaking beneath the price channel might see bears challenging the 200-day Simple Moving Average at $3,298. A candlestick close under this mark can trigger amplified selling activities that might take Ether’s price to a deeper correction.

Ethereum has to maintain its current momentum for steady surges. However, the altcoin seems prepared for a Santa Clause upswing. The overall market sentiment is critical in ETH’s upcoming movements.

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