Ethereum surged to $3,828 on March 5th, while Bitcoin reached a new all-time high of $69,135. Following these peaks, both cryptocurrencies sharply declined. Ethereum retraced to $3,224, and Bitcoin experienced a significant drop, falling to $59,000, according to data from CoinMarketCap.
Ethereum reversed its trend as it was seen rising again, strongly following a sharp decline. At the time of writing, Ethereum’s price today stands at $3,833.74, 24-hour trading volume at $91.01B and market capitalization of $460.51B. Over the past day, ETH prices have risen by 3.61%.
Ethereum (ETH) Potential to Reach $4,100
Rekt Capital, a well-known crypto analyst, recently emphasized one notable event at Ethereum (ETH) market that appears to be a key moment where Ethereum price action has gone through critical retest. This retest involves a significant support level marked by the orange area on the price chart. So, by testing this zone again, Ethereum has shown its durability and made it stronger.
This support act confirms and has boosted market confidence, pushing Ethereum further along its current bull trend. Investors and traders watch for such developments closely, knowing well their import for future price movements of Ethereum.
The analyst had mentioned the importance of this retest on March 4th, when there was a similar price action. At that time, Ethereum market saw a successful confirmation of an orange area as necessary level of support which was crucial for its price surge afterwards. There is proof in history that supports current retest and reinforces the worth of retracement in ETH pricing.
Moreover, another prominent crypto analyst known as Titan of Crypto has added to the excitement surrounding Ethereum’s upcoming price trend. Recently hitting the $3,730 mark, the analyst predicted that this figure will rise further in line with bullish movement to around $4,100. In general, optimism about Ethereum’s future performance has become prevalent among investors.
