After regaining $3,000 at the start of the week, Ethereum has triggered a new bullish target around $4,000. Find out more in this ETH analysis for Thursday, February 29, 2024.
It’s Thursday, February 29, 2024, and Ether (ETH) is trading at around $3,450.
Like Bitcoin (BTC), Ether has managed to regain important support, in this case the $3,000 mark.
And as its price finally explodes, just how far will the cryptocurrency be able to soar ? First, let’s take a look at its evolution.
ETH back in the green
With a performance of With a performance of +16.07% in 7 days, Ether is once again bullish on all major timeframes., Ether is once again bullish on all major timeframes.
| Pairs with Ether | 24 hours | 7 days | 1 month |
| Ether / USDT | +3,23% | +16,07% | +52,34% |
| ETH / Bitcoin | +0,09% | +16,24% | +1,26% |
Bitcoin’s dominance over altcoins continues to grow at 54.54%, while ETH is up 16.24% against BTC over the last 7 days.
Ether back at $4,000 ? 🧐
On the rise since the start of the year, there seems to be no stopping ETH’s ascent.
It recently broke a bullish channel from the top, triggering a target just below $4,000.
As we can see on this chart, Ethereum is in a strong uptrend, supported by all the curves of the Ichimoku indicator.
The Tenkan (in turquoise), the Kijun (in violet) and the cloud are trending upwards, showing very strong momentum.
As long as the price remains above these curves, as well as above the yellow channel, then there’s a good chance we’ll see ETH test $4,000 again in the coming weeks. 📈
This optimistic scenario will only be invalidated if the price moves back inside the channel and, above all, below the Kijun at $2,900. At that point, there’s a good chance that the cryptocurrency will correct to the low end of its pattern around $2,600.
In short, Ethereum is showing a nice bullish configuration and should therefore follow Bitcoin upwards, with a highly probable return to around $4,000.
So do you think ETH will manage to win back the $4,000 in March ? Let me know what you think in the comments. 👇
Have a great day and we’ll see you tomorrow for a new daily analysis!
Source : ETH/USD graph by TradingView
