Can Ethereum price reach $4K after a triple-support bounce? By Cointelegraph


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Ethereum’s native token Ether (ETH) looks ready to continue its ongoing rebound move toward $4,000, according to a technical setup shared by independent market analyst Wolf.

The pseudonymous chart analyst discussed the role of at least three support levels in pushing the ETH price up by nearly 30% from its local bottom of $2,160. These price floors included a 21-month exponential moving average (EMA), the 0.786 Fib level of a Fibonacci retracement graph drawn from $1,716-swing low to $4,772-swing high and the lower boundary of an ascending triangle pattern.

daily price chart featuring the three-supports. Source: TradingView
ETH/USD daily price chart featuring IH&S setup. Source: Wolf, TradingView
ETH/USD daily price chart featuring ‘bear flag’ pattern. Source: TradingView
Ethereum balance on all crypto exchanges. Source: Glassnode
Ethereum number of addresses with a balance of at least 100 ETH. Source: Glassnode
Ethereum number of addresses with balance of at least 1 ETH. Source: Glassnode