Ethereum is predicted to reach a price maximum of $ 4000

This week, the value of the Ethereum cryptocurrency (ETH) increased by 1.2%, settling at $ 3571. According to analysts, the main altcoin’s gradual upward movement revives investors' hopes of updating the maximum at $ 4000. However, the desire of ETH users to take profits may prevent further growth, analysts believe.

Earlier, the price of ethereum began another downward correction below $ 3550. ETH retested the $ 3450 area before the bulls appeared. The low was formed around $ 3459, and the price recently moved higher.

There was a move above the $ 3520 resistance zone. The bulls pushed the price above the 50% Fibo retracement level from the downward movement from the high of $ 3,680 to the low of $ 3,459. On the downside, the nearest resistance is near the $ 3,600 level. The first major resistance is near the $ 3,630 level.

The next key resistance is at $ 3,680, above which the price could gain bullish momentum. In this case, the price could rise to $ 3,800. If there is a move above $ 3,880, the token could even rise to $ 3,920. Any further growth could lead to a test of the $ 4000 level.

However, analysts emphasize that if Ethereum fails to overcome the resistance at $ 3630, a new decline may begin. The initial downside support is near the $ 3,540 level.