Ethereum exceeds $4000, with an annual growth of 77%, surpassing Bitcoin. Interest in Ethereum ETFs is on the rise, with meetings between the SEC and Coinbase providing potential new ETH ATH stimulus for an alternate season.
The rise of Ethereum (ETH) exceeded $4,000, for the first time since December 27, 2021. In March, it records a growth of 20.88%, bringing the annual performance to +77%. Towards
The current price is listed at $4,036. and is approximately 20% away from its November 2021 all-time high, equivalent to $4,868 on the ETH/USD pair.
Ethereum Exceeds $4000 After 26 Months
In this phase, Ethereum is moving better than Bitcoin, which has stopped at +69% since the beginning of the year. Despite this, Bitcoin continues to dominate mainstream interest thanks to its new all-time high and the large collection of Spot BTC ETFs.
In this sense, there have been important developments lately regarding ETFs linked to Ethereum with a meeting between SEC and Coinbase. Additionally, Bloomberg reported that the London Stock Exchange is considering accepting ETN listing applications for Bitcoin and Ethereum.
Best Quarter for ETH since January 2021
ETH recorded eight consecutive positive closes quarterly, between January 2020 and October 2021. However, for a global evaluation it will be necessary to wait until the end of March.
Even at a statistical level, if the month of March for Ethereum closes positively, it will be the seventh in a row. To find a similar series, we will have to review the movements between October 2020 and April 2021.
Ethereum Scenario on the Weekly Chart
Moving on to an analysis of the weekly chart, Ethereum’s acceleration began after breaking the resistance area between $2,200 and $2,400. Subsequently, resistance at the $2,900/$300 area also broke the momentum and is now approximately 20% away from its all-time high.
Now ETH is approaching static resistance at $4,130, a level that will probably be surpassed without any difficulty. The probable achievement of its historical maximum with a possible new ATH has a very important value for the entire Altcoin sector.
Moving on to an evaluation of the short side of Ethereum, the focus on the two long-term supports. The first level goes through an area. $2,900, while the main support is in the $2,500 area at almost -40% of the current price.
ETH is the first of the Altcoins and on many occasions its rise gives rise to the so-called Alternative Season. While there is no hard and fast rule that guarantees the start of an Alt Season every time Ethereum rises, there are important precedents.
Several Altcoins are still well below their all-time highs, some even in bear market phases, which could encourage speculative interest in smaller capitalization cryptocurrencies, pushing them up.
No matter how bullish traders are, selling risk increases the longer it takes for Ether to surpass $4,000 while the futures premium remains high.
Brief “Fast Crypto RSI” Trading Strategy and Scenario
A look at the daily chart offers a snapshot of the bullish leg that began in February. Considering this vector, it can be seen that the first short-term support level is $3,350 while the most relevant is at $3,100.
The chart also shows the trend of “Fast Crypto RSI” Trading Strategy presented in a trading strategies guide, which entered a long position on February 7 at a price of $2.372, which is currently equivalent to +69.50%.
By Leonardo Perez
