Ethereum Breaks $4,000 Barrier, Eyes New Highs

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Ethereum has surged through the once-daunting $4,000 resistance barrier, hitting a new multi-month high above $4,050 and signaling a robust bullish presence in the market. The premier altcoin is now trading comfortably above the psychologically significant mark and well above the 100-hourly Simple Moving Average, indicative of a solid uptrend.

After a steadfast performance, securing ground well above the $3,880 support, Ethereum has matched the ascent of its counterpart Bitcoin, breaching the key $4,000 threshold to enter a more favorable trading zone. The resilience in its value is underlined by a recent consolidation phase subsequent to setting the new multi-month record. Despite a minor retracement below the $4,050 mark, Ethereum maintained its grip on the gains, lightly testing the 23.6% Fibonacci retracement level of the recent swell from the $3,820 swing low to the $4,088 apex.

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The current landscape of Ethereum’s trading chart reveals a consolidation above the $4,000 landmark and a sustaining 100-hourly Simple Moving Average. A short-term breakout pattern has emerged with resistance hovering around $4,060 on the hourly chart of the ETH/USD pair.

Should Ethereum remain steadfast above the $4,000 support, prospects of another leg up seem probable. Encountering immediate resistance near $4,060, the cryptocurrency faces the next significant hurdle at $4,080. Climbing above this level may kickstart potent bullish momentum, with the next consequential resistance near $4,120. A successful foray above this barrier could catalyze a spirited rally towards the $4,220 stretch, with a breach above potentially steering Ethereum towards the $4,300 landmark. Escalation beyond those bounds might nudge Ethereum to test the waters at $4,350.

On the off-chance that Ethereum falters at the $4,060 resistance, it may find itself on a downward trajectory. The initial support lies in wait near $4,020, followed by significant bulwarks around $3,950, indicated by the 50% Fibonacci retracement level of the aforementioned rally. Should Ethereum falter further, support at $3,920 might be its salvation, while a downward breach could see a decline towards the $3,880 level, or worse, $3,780.

The Hourly Moving Average Convergence Divergence (MACD) suggests a slowing momentum in the bullish territory, yet still leaning positive. Meanwhile, the Relative Strength Index (RSI) for Ethereum is hovering above 50, highlighting a moderate bullish sentiment.

Major support and resistance levels to keep an eye on stand at $3,950 and $4,080, respectively. With Ethereum charting new heights, the market watches with bated breath to see if this altcoin titan can sustain its celestial trajectory.

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Melinda Cochrane is a poet, teacher and fiction author. She is also the editor and publisher of The Inspired Heart, a collection of international writers. Melinda also runs a publishing company, Melinda Cochrane International books for aspiring writers, based out Montreal, Quebec. Her publication credits include: The art of poetic inquiry, (Backalong Books), a novella, Desperate Freedom, (Brian Wrixon Books Canada), and 2 collections of poetry; The Man Who Stole Father’s Boat, (Backalong Books), and She’s an Island Poet, Desperate Freedom was on the bestseller's list for one week, and The Man Who Stole Father’s Boat is one of hope and encouragement for all those living in the social welfare system. She’s been published in online magazines such as, (regular writer for) ‘Life as a Human’, and Shannon Grissom’s magazine.