Ethereum Price Could Reach $5,000 After ‘Wave 4’ Bottom: Analyst
The price of Ethereum has been fluctuating after reaching an all-time high of $4,946 in August. Recently, it peaked at $4,750 but then dropped to around $3,700, influenced by tariff announcements from the US.
Technical Analysis and Resistance Levels
- A crypto analyst predicts a potential rise to $5,000, citing the current phase bottoming out after recent declines.
- Support was found at the 200-day EMA near $3,500, considered a good Dollar-Cost Averaging entry.
- The relative strength index is below 50, indicating bearish sentiment, but a positive turnaround could initiate a new upward wave.
- The 21-day and 50-day EMAs present resistance around $4,250, crucial for breaking through towards $5,000.
Current Market Situation
- ETH price is approximately 24% below its all-time high.
- Currently priced around $3,741, marking over a 4% decline in the last 24 hours.
- Weekly performance shows a drop of more than 16%.
