Ethereum News Today: Ethereum Surges 50% to $3,859, Eyes $4,000 Mark

Ethereum's price has surged past the $3,750 mark, indicating a strong bullish momentum. The cryptocurrency is currently trading above $3,650 and the 100-hourly Simple Moving Average, with a key bullish trend line forming support at $3,720 on the hourly chart of ETH/USD. This upward trend suggests that Ethereum could continue to rise, potentially reaching the $3,950 zone.

Ethereum's price has shown significant strength, outperforming Bitcoin with a fresh increase above the $3,650 zone. The bulls have pushed the price above $3,800, testing the $3,860 zone and forming a high at $3,859. The price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $3,031 swing low to the $3,859 high. Ethereum is now trading above $3,700 and the 100-hourly Simple Moving Average, with a key bullish trend line forming support at $3,720 on the hourly chart of ETH/USD.

On the upside, Ethereum could face resistance near the $3,800 level, with the next key resistance near the $3,860 level. The first major resistance is near the $3,920 level. A clear move above the $3,920 resistance might send the price toward the $3,950 resistance. An upside break above the $3,950 resistance might call for more gains in the coming sessions, potentially rising toward the $4,000 resistance zone or even $4,200 in the near term.

If Ethereum fails to clear the $3,800 resistance, it could start a downside correction. Initial support on the downside is near the $3,720 level, with the first major support sitting near the $3,650 zone. A clear move below the $3,620 support might push the price toward the $3,550 support. Any more losses might send the price toward the $3,450 support level in the near term, with the next key support sitting at $3,320.

Technical indicators suggest that the MACD for ETH/USD is losing momentum in the bullish zone, while the RSI for ETH/USD is now below the 50 zone. The major support level is at $3,650, with the major resistance level at $3,860.

Ethereum's price has been on a remarkable upward trajectory, with several technical indicators suggesting that the path to $4,000 is wide open. The cryptocurrency has formed a six-year ascending triangle pattern, which analysts believe could lead to a breakout above $4,000, potentially reaching $6,000 to $8,000. This pattern is supported by a classic Elliott Wave pattern, which some traders believe could propel Ethereum to $10,000 in this cycle.

Ethereum recently confirmed a rounded bottom pattern, breaking through the $3,375 resistance level. This breakout suggests a potential rise towards the $4,000 mark, further reinforcing the bullish sentiment surrounding the cryptocurrency. The positive momentum in the crypto market is being reinforced by broader market developments, with former BitMEX CEO Arthur Hayes confidently predicting a swift climb to $4,000. This prediction is backed by the fact that Ethereum has been consolidating in the $2,900 to $3,500 range for weeks, and a clean break above this range suggests strong buying momentum.

The crypto world is abuzz with Ethereum's surge, as capital flows into the cryptocurrency. Market cycles often lead to broader altcoin gains, and Ethereum's recent performance is no exception. The cryptocurrency has seen a 50% surge, with $100 million in shorts burned, further fueling the bullish sentiment. This surge has led to a record short squeeze, with analysis suggesting that the $4,000 price point could be reached soon.

Ethereum's price action signals a potential 100% gain to $8,000, with the cryptocurrency's recent performance suggesting that the path to $4,000 is wide open. The positive momentum in the crypto market, along with broader market developments, is reinforcing the bullish sentiment surrounding Ethereum. With several technical indicators suggesting a potential breakout above $4,000, Ethereum's price could continue to surge in the coming weeks.