Ethereum Technical Analysis Report 5 March, 2024

Dmitry Chernovolov Market Analyst

Ethereum cryptocurrency continues to be under the strong bullish pressure after the price broke the key resistance level 3563.70 ,which stopped the previous sharp weekly correction C at the start of 2022.

– Ethereum under strong bullish pressure

– Likely to rise to resistance level 4000.00

Ethereum cryptocurrency continues to be under the strong bullish pressure after the price broke the key resistance level 3563.70 (which stopped the previous sharp weekly correction C at the start of 2022, as can be seen from the weekly Ethereum chart below). The breakout of the resistance level 3563.70 continues the active sharp intermediate impulse sequence (3) from the end of last year. The aforementioned price level 3563.70 is acting as the strong support now, after it was broken, and should underpin all future downward corrections for Ethereum.

Given the clear-cut uptrend that can be seen on the daily and the weekly Ethereum charts, this cryptocurrency can be expected to rise further toward the next major round resistance, level 4000.00, which is the target price calculated for the completion of the active weekly impulse wave (3).

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