Can ETH Price Break Above $4100 As It Shows Strength Against Bitcoin

Ethereum to Bitcoin valuation showed ETH price was outperforming Bitcoin as the pair approached a key resistance level at 0.0405.

If this level successfully flips, it would mean a complete reversal. This could indicate that the pair could extend its gains toward 0.046, nearing its previous all-time high (ATH).

There is much anticipation regarding this next phase of price discovery, given the historical significance of the levels.

The uptrend with higher lows leading up to the resistance level, signified sustained buying interest. Traders anticipated the ‘king of altcoins’ to spearhead an ‘altseason’ following noticeable signs of Bitcoin Dominance peaking but yet to be confirmed.

The potential rally toward 0.046 would not only be a key bullish development but also place the pair on the verge of retesting its ATH. That is, if the market conditions remain favorable.

ETH Price Testing Ascending Trendline Support

ETH/USDT pair on the other hand also saw a recovery. It ascended back above its critical ascending support line, indicating bullish momentum.

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The uptrend characterized by a series of higher lows, which further cemented the bullish sentiment.

As Ethereum the ‘king of altcoins’ was spearheading an ‘altseason,’ approached the $4,100 mark, it faced significant resistance. A breakout above this level could potentially signal further uptrend, possibly setting new highs for the cryptocurrency.

The resistance near $4,100 lead to break of structure. This reflects the battle between buyers eager to push the price higher and sellers taking profits.

The descending resistance converged ascending support to form a narrowing pattern that typically precedes a rally continuation.

Should ETH price action successfully breach and sustain above the $4,100 resistance, it could set the stage for an extended rally toward $5000.

Ethereum’s ability to maintain its position above the ascending support and challenge the $4,100 resistance indicated a potentially bullish outlook, pending it could hold above these critical levels.

Low-leverage Liquidity Zones

ETH Price engaged with low-leverage long liquidity zones. These zones are opportunistic for potential buying activity.

These levels represented critical points where buying pressure was anticipated to increase, potentially leading to price stabilization or an uptick.

These liquidity zones were ‘swept,’ indicating that the price dipped into these areas. This triggered buying activities that either stemmed further declines or propelled the price upwards.

Notably, a liquidity sweep occurred as the price approached the $3,900 mark. It showed a quick rebound after touching the level, which highlighted its importance as a support zone.

The subsequent uptrend in ETH price post-sweep demonstrated the accurate prediction of these liquidity zones acting as magnets for price action.

Fresh liquidity levels were set higher up the chart, suggesting that if Ethereum could leverage these zones similarly, further ascents could be observed.

Continued interaction with these zones could provide pivotal moments for traders, with each level offering potential turning points depending on market response.

Observing how ETH price responded to these strategically placed liquidity zones could offer insights into its future movements, particularly if these patterns were to persist.