With Bitcoin sustaining levels above $56,000, altcoins like Ethereum have embarked on renewed waves of recovery so far in February 2024. Amidst this bull run, ETH prices tapped new 52-week highs last week, feeding optimism around the crypto’s outlook. The big question now is: just how high can Ethereum trend in the months ahead?
Analysis of weekly price charts reveals Ethereum, with its $391 billion market cap, staged a rounding bottom breakout by reclaiming the $3,200 zone. This signals strengthening upside momentum backed by a 52% spike in trading volumes to $21 billion – indicative of rising buying pressure.
After logging 17.6% gains last week, ETH has rallied 43% across the past 30 days. Ethereum has notched a bullish milestone that hints at a trend reversal. This Fib level often forms tough resistance, restricting further recovery rallies.
Can Ethereum hit $4,000?
Ethereum has seen recent technical patterns that indicate the potential for its current upward price movement to continue towards the 78.6% Fibonacci retracement level around $3,872. Surpassing this level could make reaching or exceeding its previous all-time high price of $4,868 possible.
If Ethereum’s price is able to sustain support around the $3,872 area in the coming weeks, some analysts estimate the next likely upside target could be around $6,835 based on the 1.618 Fibonacci extension level. This would represent the next key price milestone if the current bullish momentum is maintained. However, prices could also consolidate or correct before any potential further upside.
Also read: Ethereum (ETH) February-End Price Prediction
Of course, if existing market conditions deteriorate again, Ethereum may see a downside. However, indicators presently favor the ongoing bullish structure persisting through February.
So, with ETH firmly back in recovery mode, early technical clues support the growing narrative of history repeating itself this cycle.