🔥 Key Takeaways
Ethereum (ETH) Price Analysis for January 4
As we enter the first week of January, Ethereum (ETH) is showing promising signs of a potential price surge. After experiencing a significant drop to the $3,500 support level, ETH has managed to bounce back, gaining over 5% in the past 24 hours. This rebound has led to the formation of a bullish pattern on the ETH/USDT chart, which could be an indicator of a price blast next week.
Technical Indicators
Technical indicators such as the Relative Strength Index (RSI) and Moving Averages (MA) are also pointing towards a bullish trend. The RSI is currently at 60, indicating a strong buying momentum, while the MA is showing a golden cross, which is a bullish signal. Additionally, the ETH/USDT pair is trading above the 50-day MA, which is a positive sign for the bulls.
Resistance Levels
However, traders should be cautious of the $4,000 resistance level, which could pose a challenge to the uptrend. If ETH is able to break through this level, we could see a significant price surge, potentially reaching $4,500 or higher. On the other hand, if the resistance level holds, ETH could experience a pullback, potentially dropping to $3,800 or lower.
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