{"id":395839,"date":"2024-05-30T12:30:51","date_gmt":"2024-05-30T07:00:51","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=395839"},"modified":"2024-05-30T14:02:06","modified_gmt":"2024-05-30T08:32:06","slug":"ethereum-can-a-retracement-to-3-7k-propel-eth-to-4k","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/ethereum-can-a-retracement-to-3-7k-propel-eth-to-4k\/","title":{"rendered":"Ethereum: Can a retracement to $3.7K propel ETH&#8217;s price to $4000?"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><em><span style=\"font-weight: 400;\">Etherium to retrace to $3.7k to retest a support zone before a price surge to $4k.<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><em><span style=\"font-weight: 400;\">Most metrics hinted at a price correction in the near future.<\/span><\/em><\/li>\n<\/ul>\n<p><a href=\"https:\/\/ambcrypto.com\/ethereum-hits-3-7k-as-whales-accumulate-but-theres-a-problem\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Ethereum [ETH]<\/span><\/a><span style=\"font-weight: 400;\"> is retracing to\u00a0 $3.7k, the resistance zone that turned to support before retesting to surge to a target high of $4k. This support zone could lead to a surge towards the target high of $4k. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, the fair value gap below $3.7k might act like a price magnet, pulling the price lower and potentially breaking this support. If the bearish momentum pulls the price past the support zone a retest at the upward trendline support is likely.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As of writing, <\/span><a href=\"https:\/\/coinmarketcap.com\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">CoinMarketCap<\/span><\/a><span style=\"font-weight: 400;\"> data shows a 2.24% decrease in price over the last 24 hours and a 2.16% increase over the last 7 days. The overall Ethereum performance is on a bullish move as investors keep eyes on the $3.7k support level.<\/span><\/p>\n<figure id=\"attachment_395840\" aria-describedby=\"caption-attachment-395840\" style=\"width: 1515px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/ETHUSD_2024-05-29_14-54-29_c3cdf.png\"><img decoding=\"async\" class=\"wp-image-395840 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/ETHUSD_2024-05-29_14-54-29_c3cdf.png\" alt=\"\" width=\"1515\" height=\"797\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/ETHUSD_2024-05-29_14-54-29_c3cdf.png 1515w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/ETHUSD_2024-05-29_14-54-29_c3cdf-300x158.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/ETHUSD_2024-05-29_14-54-29_c3cdf-1024x539.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/ETHUSD_2024-05-29_14-54-29_c3cdf-768x404.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/ETHUSD_2024-05-29_14-54-29_c3cdf-1200x631.png 1200w\" sizes=\"(max-width: 1515px) 100vw, 1515px\" \/><\/a><figcaption id=\"caption-attachment-395840\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<h4><strong>Is a bullish surge to $4k possible after the retracement?<\/strong><\/h4>\n<p><span style=\"font-weight: 400;\">AMBCrypto analysed Santiment&#8217;s Social Volume chart, it showed several periodic spikes in the mid-May, correlating with significant price movements. The retracement to 3.7k aligns with increased social activity indicating a potential price direction.<\/span><\/p>\n<figure id=\"attachment_395841\" aria-describedby=\"caption-attachment-395841\" style=\"width: 3840px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/santiment-social-volume-chart.png\"><img decoding=\"async\" class=\"wp-image-395841 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/santiment-social-volume-chart.png\" alt=\"\" width=\"3840\" height=\"1300\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/santiment-social-volume-chart.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/santiment-social-volume-chart-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/santiment-social-volume-chart-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/santiment-social-volume-chart-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/santiment-social-volume-chart-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/santiment-social-volume-chart-2048x693.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/santiment-social-volume-chart-1200x406.png 1200w\" sizes=\"(max-width: 3840px) 100vw, 3840px\" \/><\/a><figcaption id=\"caption-attachment-395841\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">AMBCrypto further analysed the IntotheBlock In\/Oot of the Money chart and it indicated that 61.87% of addresses valued at $11.06 million are in profit while 37.38% of addresses valued at $6.68M are at a loss. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, it indicated that 135k addresses are breaking even. It showed that the key prices ranges from $3.3K to 3.6K in profits and $3.9 to $4k in losses.This distribution indicates a significant support and resistance levels based on the holders profitability.<\/span><\/p>\n<figure id=\"attachment_395842\" aria-describedby=\"caption-attachment-395842\" style=\"width: 805px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/in-or-out-of-the-money-chart.jpg\"><img decoding=\"async\" class=\"wp-image-395842 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/in-or-out-of-the-money-chart.jpg\" alt=\"Ethereum\" width=\"805\" height=\"438\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/in-or-out-of-the-money-chart.jpg 805w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/in-or-out-of-the-money-chart-300x163.jpg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/in-or-out-of-the-money-chart-768x418.jpg 768w\" sizes=\"(max-width: 805px) 100vw, 805px\" \/><\/a><figcaption id=\"caption-attachment-395842\" class=\"wp-caption-text\">Source: IntotheBlock<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\">Is your portfolio green? Check out the\u00a0<a href=\"https:\/\/ambcrypto.com\/calculator\/profit\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">ETH Profit Calculator<\/a><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">The Bollinger bands in the daily chart widened, indicating a high volatile market that could steer a slight\u00a0 bearish pressure to the support zone at around $3.7k and break out to surge to $4k target.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The stochastic RSI (89.69) shows an overbought reading suggesting a short term retracement before continuation of the overall bull run.<\/span><\/p>\n<figure id=\"attachment_395843\" aria-describedby=\"caption-attachment-395843\" style=\"width: 1515px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/ETHUSD_2024-05-29_15-52-46_8e493.png\"><img decoding=\"async\" class=\"wp-image-395843 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/ETHUSD_2024-05-29_15-52-46_8e493.png\" alt=\"\" width=\"1515\" height=\"797\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/ETHUSD_2024-05-29_15-52-46_8e493.png 1515w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/ETHUSD_2024-05-29_15-52-46_8e493-300x158.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/ETHUSD_2024-05-29_15-52-46_8e493-1024x539.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/ETHUSD_2024-05-29_15-52-46_8e493-768x404.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/ETHUSD_2024-05-29_15-52-46_8e493-1200x631.png 1200w\" sizes=\"(max-width: 1515px) 100vw, 1515px\" \/><\/a><figcaption id=\"caption-attachment-395843\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Most Ethereum metrics hinted at a price correction in the near future.<\/p>\n","protected":false},"author":93,"featured_media":395846,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,32,66,3,4,20],"tags":[6427],"class_list":["post-395839","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-ethereum-news","category-new-news","category-news","category-social","category-trading-view","tag-ambcrypto"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Ethereum: Can a retracement to $3.7K propel ETH&#039;s price to $4000? 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