Ethereum (ETH) Price Prediction 2024: Will ETH Exceed the $4099 Mark?

Ethereum (ETH) is one of the most popular cryptocurrencies in the world. It is an open-source, decentralized blockchain system that also works as a platform

Ethereum (ETH) price analysis for the month of JuneAfter recovering from a seven-month low in March 2024, the ETH price has shown promising price action. The cryptocurrency recorded a 24% gain after breaking out of a bullish flag pattern on May 18, 2024. At press time, the price hovered above the key level, and a bullish outlook can be expected above the $4099.2 resistance level, as per the price action analysis.

After starting the year at a price of $2166.7, the ETH price showed promising上昇傾向 in the first quarter of 2024. The price went up to a high of $3732.5 in February 2024. However, the price quickly reversed and entered a correction phase in March 2024.

The correction phase lasted for two months and saw the ETH price decline to a low of $2405.7 in April 2024. The price bounced off this support level and began to recover.

The recovery in price gained momentum in May 2024, and the ETH price broke out of a bullish flag pattern at $3063.6 on May 18, 2024. The price reflected a 24% impulsive bullish move while breaking above the $3732.5 key level.

At press time, the price is hovering above that key level. A bullish outlook can be expected above the $4099.2 resistance level per the price action analysis.

Moreover, the relative strength index (RSI) shows strong bullish momentum in the current phase. This indicates that the buyers are dominating the current ETH price. The RSI is upsloping at 69.96 above the simple moving average (SMA) line.

The ETH price has given a breakout from a major correction phase that started on March 13, 2024. The cryptocurrency recorded a 24% bullish move after the May 18, 2024 breakout. At press time, the price hovered above the key level, reflecting a bullish outlook above the $4099.2 resistance level per the price action analysis.

At the time of writing, the immediate resistance for ETH was $4099.2, while the $3381.5 level is the next support. An upsurge in price can be expected if the price passes the upper resistance level.

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