Was This ETH’s Final Shakeout Before Surge to New ATH? (Ethereum Price Analysis)

It seems that the moment has finally arrived. Ethereum concludes at the highest new level ever after nearly four years. With this momentum, many investors are looking for a mark of $ 5,000 as a realistic goal in the coming weeks.

Technical analysis

By shayanmarkets

Daily chart

On the daily chart, it is clear that since ETH was recovered from the 100 -day moving average near the mark of $ 2100 in June, the price was in a stable upward path. Now, Ethereum gathered almost vertically, and concludes at the highest new level ever. With the current momentum, even the psychological level of $ 5,000 appears on hand. Moreover, the level of $ 4000 can now be considered a strong support zone, which increases the confidence of the upscale merchants.

However, momentum indicators such as RSI indicate a possible timing condition, indicating the possibility of uniformity or withdrawal before ETH can press above. However, the last bullish intersection between the 100 -day and 200 -day moving averages, with the MA rise for 100 days sharply in line with the movement of price, indicates the optimism of the strong market. This setting indicates that any withdrawal can be temporary, which makes the wider upward trend healthy.

The graph for 4 hours

Looking at the graph for 4 hours, ETH was constantly moving inside a broad upward channel over the past few months. This composition carried the original through many areas of resistance, all of which have now turned into support. With the upper boundaries of the channel, which is already sitting over a height of 4,800 dollars at all, the path seems to the level of $ 5,000 in the short term clear.

On the other hand, the RSI index is on this time frame in the peak purchase area, similar to the daily chart, and the candles that lasted for 4 hours of reducing size were. As a result, some analysts expect to retreat soon. However, given the strong and momentum market structure, it appears that the acute penetration that exceeds 4800 dollars at all is more likely to operate before any noticeable correction is made.

Feelings Analysis

Exchange reserves

The graph shows ETHEREUM price movement along with the exchange reserves on all stocks. Over the past two years, the exchange reserves have been in a steady drop, as it decreased from more than 28 million ETH in early 2022 to about 18.6 million today.

This important decline indicates that a large part of ETH has been transferred from exchanges, probably to cold storage or storage. Historically, this reduction in stock exchanges tends to tighten the available liquidity, creating favorable conditions for the pressure of upward prices, especially during the strong upward stages.

The last increase is in line with about $ 4,700, just shy of the highest level at 4800 dollars ever, with this offer pressure. If the decrease in the exchange reserves continues, the ETH may be gathered in the coming months.