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Ethereum Breaks Key Resistance: Can Bulls Push Price to $4.1K Despite Profit-Taking?
Key Takeaway: Ethereum (ETH) has surged past a crucial resistance level, but a high percentage of holders currently in profit could present a challenge to further gains. However, underlying momentum suggests the rally may have further to run.
(World-Today-News.com) – Ethereum,the leading altcoin,is making waves after a weekend rally that saw its price climb over 4.09%. The cryptocurrency successfully defended the critical $3,700 support level and, more impressively, breached the $3,860 local high established on July 21st. This breakout is sparking renewed optimism among investors, but potential headwinds loom.[Image of Ethereum 4-hour Chart –
[ImageofEthereum4-hourChart-Source: ETH/USDT on TradingView]
Breakout wiht a Caveat
The move above last week’s high confirms a breakout from a short-term trading range.Though, analysts note that trading volume remains relatively subdued. This suggests the current rally might lack the robust buying pressure needed to sustain a critically important climb.
Technical indicators offer a mixed signal. The Commodity Flow Index (CMF) currently reads 0.0, reinforcing the observation of limited strong buying.Conversely, the Moving Average Convergence Divergence (MACD) confirms the bullish momentum driving the breakout. If the upward trajectory continues,the next significant resistance level to watch is $4,100.
Profit-Taking potential?
On-chain data reveals a concerning trend: a substantial percentage of Ethereum holders are currently in profit. This naturally raises the question of potential profit-taking. Furthermore, the Holder Accumulation Ratio has experienced a slight dip in recent days, indicating a possible slowdown in accumulation by long-term holders.Could this suggest the market is becoming overextended and ripe for a correction? While a pullback is always possible, several factors suggest Ethereum might have more upward potential.
[Image of Ethereum Holder Accumulation Ratio]
Why Ethereum’s Rally Could Continue
Despite the profit-taking concerns, the underlying bullish momentum shouldn’t be dismissed. The breakout from the established trading range, coupled with the MACD signal, indicates continued investor confidence.
Moreover, broader market sentiment towards Ethereum remains positive, fueled by ongoing developments in the ethereum ecosystem, including layer-2 scaling solutions and the anticipation of future upgrades. These factors could outweigh the short-term pressure from profit-taking.
What to Watch Next
Investors should closely monitor the following:
Trading Volume: A significant increase in volume woudl confirm the strength of the breakout.
$4,100 Resistance: Whether Ethereum can decisively break through this level will be a key indicator of its future direction.
Holder Accumulation Ratio: A reversal of the recent dip in the Holder Accumulation Ratio would signal renewed confidence among long-term holders.
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