ETH Analysis on the 4-Hour Chart: Why Is $3,550 the Next Goal?

21 Kas

After the breakthrough of the rectangle formed between $3,200 and $3,030, Ethereum has stopped the short sellers in the market. The next goal is the breakthrough of $3,370. This resistance could be harder to overcome than expected, but I believe the strongest resistance is around $3,550. Why do I believe this? This area is very magnetic in both bull and bear trends. The price typically stays there for a few days (2 to 5) before breaking through (as seen in the red pointers). Additionally, this is a Fibonacci target of halfway in a bullish pivot on the daily timeframe. Finally, $3,550 marks the last retracement of the most recent short run.