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Ethereum (ETH) briefly surpasses $3,900 following recovery from 12% price drop alongside Bitcoin yesterday.

Ethereum Rallies to $3,900 Before Price Correction

The crypto market has been experiencing some exciting action lately, with Bitcoin (BTC) reaching new all-time highs and Ethereum (ETH) following suit by rallying above the $3,800 mark. However, after hitting this milestone, both cryptocurrencies faced a price correction, with ETH dropping by over 10%. But don’t worry, ETH has already recovered and briefly touched $3,900, a level not seen in over two years.

BTC’s Milestone and ETH’s Rally

Bitcoin recently broke above $69,000, surpassing its previous all-time high. However, the euphoria was short-lived as the price quickly dropped to around $60,000. Since then, BTC has recovered to trade between the $66,000-$67,000 range.

Capitalizing on the bullish sentiment, Ethereum rallied above $3,800 but faced a significant price drop soon after. Losing momentum, ETH shed about 12% of its value, dipping as low as $3,360. Thankfully, Ethereum’s recovery mirrored Bitcoin’s, and it managed to maintain its price above the $3,800 range for the past four hours.

ETH price performance in the 4-hour chart. Source: ETHUSDT on TradingView.com

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Ethereum reached the $3,800 support level twice in the last 24 hours. This price range hadn’t been seen since January 2022, and the regained bullish momentum propelled ETH to a higher milestone. Briefly soaring to $3,901 before falling back to the $3,850 range, Ethereum is currently trading at $3,834.

ETH’s Next Move

Many analysts are optimistic about Ethereum’s future price action. Altcoin Sherpa predicts that if ETH breaks through the $3,000 price barrier, it could reach $4,000. This rally is not only fueled by Bitcoin’s momentum but also by impending market dynamics, such as the upcoming Dencun upgrade, which is expected to bring several technical improvements to Ethereum’s infrastructure.

Additionally, the possibility of Ether-based spot exchange-traded funds (ETF) gaining approval from the US Securities and Exchange Commission (SEC) in May has sparked further expectations for Ethereum and its ecosystem.

Pseudonymous trader Ash Crypto believes that the price correction after Bitcoin’s ATH is nothing to panic about. He expects BTC’s price to stabilize soon, leading to a run-up in ETH and other altcoins. In a message to his Telegram subscribers, he even announced the “incoming alt season” after ETH hit $3,900 and suggested that Ethereum’s next support level could be $4,200.

Message from Ash Crypto to his Telegram subscribers. Source: Ash Crypto on Telegram

Q&A: Answering Your Burning Questions

Q: How has Ethereum’s price performed in recent time frames?

A: In the past week, Ethereum’s price has surged almost 16%, showing strong bullish momentum. Over the last month, it has recorded a remarkable 65% increase, and looking back one year, ETH has seen a staggering growth of 145%.

Q: What factors are contributing to Ethereum’s rally?

A: Ethereum’s rally is being fueled not just by Bitcoin’s momentum but also by several market dynamics. The impending Dencun upgrade, bringing technical improvements to Ethereum’s infrastructure, has generated anticipation. Additionally, the potential approval of Ether-based ETFs by the SEC in May has further raised expectations for Ethereum and its ecosystem.

Q: What might the future hold for Ethereum’s price?

A: Analysts and traders are optimistic about Ethereum’s price prospects. Altcoin Sherpa predicts that ETH could reach $4,000 once it breaks through the $3,000 price barrier. Pseudonymous trader Ash Crypto believes that the recent price correction is no cause for panic and that Ethereum, along with other altcoins, could experience an “incoming alt season” after Bitcoin stabilizes. According to Ash Crypto, Ethereum’s next support level to watch for might be $4,200.

Summary: A Promising Future for Ethereum

Despite experiencing a price correction after Bitcoin’s ATH, Ethereum has shown remarkable resilience. It has quickly recovered and briefly touched the $3,900 mark, a level not seen in over two years. The market dynamics, including the upcoming Dencun upgrade and the potential approval of Ether-based ETFs, have provided a strong bullish boost to Ethereum’s price. Analysts and traders are optimistic about ETH’s future prospects, with price targets ranging from breaking the $4,000 barrier to reaching $4,200.

So buckle up and enjoy the ride as Ethereum continues to make waves in the crypto space!

Reference List:

1. The Ethereum Foundation Is Selling ETH Again, Is The Top In?
2. Data Signals Imminent Altcoin Season Amid Steady Bitcoin Dominance
3. Bitcoin ETF Approval Frenzy Begins: SEC Finally Approves First Spot Bitcoin Funds
4. Ethereum Price Follows Bitcoin Surge, Why $4K Is Just A Matter of Time
5. ETHEUSDT
6. ETH
7. TradingView.com
8. Blocking.net

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