As the TRUMP token surges by 30%, Ethereum once again steals the spotlight. The second-largest cryptocurrency is exhibiting strong technical signals. Could it potentially double in value and surpass $5,000 in the coming weeks? Indicators are clear: the market is heating up.
The technical indicators for Ethereum are showing decidedly positive signs. The 50-day simple moving average, steadily rising, reflects the short-term strength of ETH on the 4-hour chart. Additionally, an engulfing bullish candle on the weekly chart confirms a renewed appetite from buyers. By mid-June, Ethereum’s 200-day moving average is expected to reach $2,695.19, reinforcing the overall optimistic trend.
Although the relative strength index (RSI) is at 81.82, signaling an overbought territory, it does not necessarily indicate a trend reversal. Instead, it could suggest a consolidation around support levels between $2,200 and $2,500, before ETH resumes its upward move. Key resistance zones are at $3,000 and $3,500. A breakthrough above these levels would allow Ethereum to reach the eagerly anticipated $5,000.
Experts remain largely optimistic about Ethereum’s future. Michaël van de Poppe, a respected figure in the crypto community, sees the current price level as a buying opportunity. According to him, prices below $2,400 represent an ideal accumulation zone before the next rally towards $4,000. His observations suggest that the ongoing correction in Ethereum’s uptrend is merely a pause, not a trend reversal.
Titan of Crypto, another renowned expert, highlighted the strength of Ethereum’s ascent using an Ichimoku study, reinforcing this positive outlook. With ETH remaining above the Kijun line, the bullish trend remains structurally solid. With a monthly gain of over 57.2%, each week increases the likelihood of further progression towards $5,000. Excitement is palpable for a potential doubling of this crypto to $5,000.
The rise of Ethereum to $5,000 is no longer a far-fetched idea. If you wish to accumulate ETH now, you can purchase it on one of the top current exchanges: Bitget. Here’s how to do it in a few simple steps:
Passionate about the crypto world, he explores the blockchain ecosystem to extract the most essential insights. With his expertise in SEO and web writing, he transforms news and technical analysis into clear, engaging, and impactful content. His goal? To help investors better understand the opportunities and challenges of the crypto market.
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