After breaking out of the range of the previous month, the price of Ethereum started the current month with a high. For the first time since mid-May, it broke the USD 3,500 resistance level.
In the past few weeks, ETH has tried several times to get over $ 3,400. Although eth didn’t, the bulls resisted at $ 3,387. The $ 3,000 level has acted as the main level of support all along.
However, in the new month ETH has finally risen and will test the resistance at $ 3500.
It is now above the 25- and 50-day exponential moving averages. At the time of writing, ETH is trading at $ 3536, up 5.9% in the past 24 hours.
Looking ahead, the next resistance is at $ 3,600. In the event of a break-in, support is at $ 3,300. However, it is likely to hover in the current range for a while.
The popular analyst Rekt Capital heralds the ETH price campaign in a recent tweet. He says that after reaching the highest monthly close ever, ETH will convert the USD 3500 resistance into support and push it up.
Will the ETH price reach $ 5,000 in the next step?
The acceleration of Ethereum has lifted market sentiment. The majority of crypto twitter predicts that ETH will soon hit $ 4,000. ETH will probably build another leg from here. If a new ATH is to be set, it must be observed.
Simon Dedic, managing partner at MoonrockCapital, took to Twitter for an upbeat argument. He says: $ 4,000 is the conservative target and $ 5,000 is the optimistic target for September.
Welcome to September.
Conservative: $ ETH to 4k
Optimistic: $ ETH to 5k
It’s definitely going to be a great month.
– Simon Dedic (@scoinaldo) September 1, 2021
The crypto analyst “Crypto Birb” is an improvement on this prediction. According to him, Ethereum could be worth $ 15,000-20,000 in the fourth quarter.
By surpassing the $ 5,000 psychological milestone, ETH is expected to retest its August high. The recent implementation of the London Hard Fork, as well as its growing importance in the crypto sector, will be important catalysts.