It feels like an eternity ago when Ethereum (ETH) bottomed close to $2000. But things have started to look up, and ETH has rebounded sharply. The coin is now well above $3000, and it is looking poised to keep up this momentum in the near term. Here is what to keep in mind:
ETH has smashed past several key resistance zones in the past week.
The coin is likely to test the $4000 in the near term.
ETH has rallied by nearly 40% over the last two weeks alone.
Data Source: Tradingview
Ethereum (ETH) – How soon will it get to $4000?
Hitting $4000 is very likely for ETH. In fact, it’s not a question of if but when. The coin has been bullish over the last 2 weeks. Although we have seen some of that momentum slow, ETH is consolidating well above several crucial price points.
For example, the coin has smashed past its 50-day simple moving average of $2848 by nearly $500. ETH has also gone on to shutter the 100-day SMA of $3045 by another $300. The next challenge for ETH bulls will be to test the 200-day SMA of $3489.
At press time, the coin was trading at $3391. It is therefore not far away and we expect ETH to rise above the 200 SMA in the coming days. When this happens, a bullish breakout that takes the coin well above $4000 will be inevitable.
Why should you buy Ethereum (ETH) now?
It’s just a matter of time before the ETH rally starts. In fact, it could hit in a matter of days. Whether you are a short-term trader or long-term investor, the ride towards $4000 gives you the chance to make nearly 25% in returns. It’s unlikely we will see any bearish sentiment right now. Unless something drastic happens, we expect ETH to surge in the near term.
The post Ethereum (ETH) is breaking to $4000 – Here is why you should buy now appeared first on Coin Journal.
