A new price record soon for Ethereum (ETH)? ETH analysis of March 28, 2024

Ethereum

After returning to the $4,000 mark two weeks ago, Ethereum is now consolidating after a slight correction. Is the crypto-currency on the verge of a rebound, and finally on its way to a new ATH? Find out in this ETH analysis for Thursday March 28, 2024.

It’s Thursday, March 28, 2024, and Ether (ETH) is trading at around $3,585.

After reaching the $4,000 target 2 weeks ago, Ethereum is now consolidating.

Could the next move send the cryptocurrency towards another All Time High? First, let’s take stock of its evolution.

 

ETH in slight correction

After the bullish rally of recent months, Ether consolidates with a rise of +1.78% over the week, despite the slight correction at the bottom.

Pairs with Ether 24 hours 7 days 1 month
Ether / USDT +0,18% +1,78% +7,15%
ETH / Bitcoin -1,00% +1,34% -7,22%

Bitcoin’s dominance over altcoins has risen to 54.04%, while ETH has gained 1.34% against BTC over the last 7 days.

 

Possible record prices for Ether in the coming weeks

As can be seen on its daily chart, ETH is stabilizing at around $3,600 after reaching its target, which was estimated at $3,992.

The question now is whether the price will continue its recent correction, or whether it can rise again following the rebound at the top of the yellow pattern.

Ether price chart (Daily)

 

Ether price chart (Daily)

Most importantly, the price is still clearly in an uptrend, supported by the Tenkan (turquoise curve) and cloud (in green) of the Ichimoku indicator, as well as its bullish channel.

Ethereum therefore looks set to continue rising in the coming weeks, but before it does, of course, it will need to regain the Kijun (purple curve) in support).

In any case, this is the scenario to favour if we want to put the odds on our side. Indeed, with the price making higher and higher highs and lows, we have a strongly bullish structure above numerous support zones.

In any case, there’s nothing to worry about as long as ETH remains above the $3,000 cloud.

These levels will be important to maintain as supports, and in the meantime, there’s still a good chance that the rise will continue towards the next levels given by the Fibonacci extension tool ($1.414 to $4,942 and $1.618 to $5,564, i.e. a potential new all-time price record in the coming weeks).

In short, Ethereum is in a bullish configuration and will need to confirm the recovery of its Kijun as support to hope to trigger a new rise.

So can the cryptocurrency surpass its ATH in April in your opinion ?

Don’t hesitate to give us your opinion in the comments.

 

Source : graphic ETH/USD by TradingView

 

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