Ethereum Faces Hurdles to $4,000: Can ETH Surpass That Price?

Bittime - The price of Ethereum (ETH) has seen a rapid increase in recent months. However, analysts now see hurdles that ETH needs to overcome before breaking the psychologically important level of $4,000. 

Let's analyze the technical and fundamental factors that can influence ETH price movements in the future.

Technical Analysis: Looking for Clues from Charts

Source: TradingView

From a technical perspective, ETH price movements are currently around a strong short-term resistance level in the range of $3,800 - $4,000. This resistance level is formed from the previous swing high point (temporary highest point) on the ETH price chart.  

Prices struggling to break through this resistance level indicate that there is considerable selling pressure around this area.

In addition, the Relative Strength Index ( RSI ) indicator is currently in overbought territory , which is often interpreted as a signal of a potential price correction. If the price fails to break through the resistance level of $4,000 in the near future, then a price correction to the nearest support level around $3,500 could occur.

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Fundamental Factors: Considering Market Sentiment

Apart from technical analysis, overall market sentiment also influences ETH price movements. Some fundamental factors that need to be considered include:

• Ethereum Dencun Upgrade: Dencun, an upgrade in the first quarter of 2024, is expected to improve Ethereum's scalability. If Dencun is successfully implemented and has a positive impact, it could be a catalyst for ETH price increases.
• Institutional Adoption: Increased interest by financial institutions in crypto assets, including Ethereum, may drive increased demand and lead to price increases.
• Global Macroeconomic Conditions: Uncertain global economic conditions can create uncertainty in the crypto market, which ultimately affects the price of ETH.

ETH Price Today

Source: Bittime 

Meanwhile, based on the Bittime market on March 15 2024, the Bitcoin ETH/IDR price has reached IDR 60,917,979 per coin, down 2.57% in 24 hours, based on the Bittime market.

Also Read How to Buy Crypto:

Conclusion: Potential Turning Point for ETH

Taking into account technical analysis and fundamental factors, the short-term outlook for ETH prices is still shrouded in uncertainty. It is possible that ETH will experience a correction first before continuing its rise towards $4,000.  

However, if market sentiment remains positive and the Dencun upgrade goes smoothly, ETH still has a strong chance of breaking through the $4,000 resistance level and reaching a higher price point in the future.

Investors are advised to always follow the latest developments, both from a technical and fundamental perspective, before making trading or investment decisions in ETH.

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How to Buy Ethereum (ETH) on Bittime

You can buy and sell  Ethereum (ETH)  in an easy and safe way via  Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

Ethereum (ETH)  is available on Bittime with  the market pair ETH/IDR .  To be able to buy  ETH/IDR  at  Bittime,  make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on  Bittime  is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn the complete guide on how to buy Ethereum (ETH) on Bittime. 

Monitor price chart movements   for Ethereum (ETH) , Bitcoin (BTC) ,  Solana (SOL)  and other cryptos to find out today's crypto market trends in real-time on Bittime.

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DISCLAIMER: This article is informational in nature and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.