Bitcoin and Ethereum, have both are manifested acute strength ever since the beginning of the present day’s trade. And hence the DeFi space and the NFT space quickly absorbed the bullish momentum and ranged high to minimise the distance towards its monthly highs. However, what if the current surge is also yet another interim relief?
BTC price nowadays is experiencing rejections multiple times at $44,500 and hence a possibility of the asset ranging back towards these levels may be quite possible. And hence the ETH price is also expected to range beyond $3,200 in the short term. Nevertheless, the bears may become proactive here, but the scenario may be a little diverse this time as no more rejections may be entertained.
Ethereum price is appearing to be very strong and hence a breakout from the pivotal zones may ignite a notable bull run beyond $3,800.
As per the analyst, the ETH price is swinging with a huge ascending channel and after a couple of attempts bounced off from the descending trend. And moreover, the asset is currently testing the crucial resistance levels. And if it makes through these levels then it may range high to close the quarterly trade above $3800.
According to the on-chain analytical platform, Santiment, plenty of long liquidations led to the ETH price rally above $3000 for the first time in three weeks. However, the next level to test is around $3125 which is expected to be very crucial as cited by a popular analyst. Therefore, a daily close above these levels may validate a strong uptrend that could uplift the price above the pivotal resistance at $3200 and later at $3400.
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Source: https://coinpedia.org/price-analysis/ethereum-eth-price-trades-above-3000-this-is-when-it-may-secure-levels-above-3800/