Ether eyes $3,400 as bulls push price above $3k

Key takeaways

• Ether is up 3% in the last 24 hours and now trades above $3k.
• The coin could rally towards $3,400 soon amid bullish sentiments.

Ether tops $3k as BTC hits a new all-time high

The cryptocurrency market is having an excellent start to the week, with Bitcoin and other major cryptos in the green. Bitcoin, the leading cryptocurrency by market cap, hit a new all-time high of $123k earlier today after adding more than 4% to its value in the last 24 hours.

It has slightly retraced to the $121k region, but analysts expect it to resume its upward movement soon. 

Ether, the leading altcoin and second-largest cryptocurrency by market cap, is not left out of this rally. Ether added more than 3% to its value in the last 24 hours and is now approaching the $3,100 mark.

This rally comes amid growing institutional demand for Ethereum products. Data obtained from Coinglass revealed that spot Ethereum ETFs recorded a $1.4 billion volume over the last 24 hours. Thanks to the growing volume, Ethereum ETFs now have over $12 billion in assets under management, led by BlackRock’s iShares Ethereum Trust ETF. 

ETH targets $3,400 as bulls look to push price higher

The ETH/USD 4-hour chart is bullish and efficient, suggesting that Ether could rally higher in the near term. Ether inches closer to the 61.8% Fibonacci retracement level at $3,067 drawn from the December 16 high of $4,107 to the April 9 low of $1,385. 

A daily close above this level could see ETH rally towards the 78.6% Fibonacci level at 3,525. Furthermore, its 50-day Exponential Moving Average (EMA)  crossing above the 200-day EMA suggests a golden crossover, generally considered to be a buy signal.

The RSI of 73 and the MACD lines within the positive zone serve as added bullish confluences. If the rally continues, ETH could cross the first major resistance level at $3,438 over the next few hours or days. An extended bullish performance would allow ETH to hit $3,755 for the first time since January 5th.

However, if Ether fails to hold above $3k, it could retest the 50% Fibonnaci level at $2,751.