Tokyo, Japan – June 4, 2024 – Ethereum (ETHUSD) is expected to see renewed gains today. The forecast suggests a continuation of the bullish trend, with a potential price target of $4,096.85.
The analysis highlights Ethereum’s current price hovering around the 50-day exponential moving average (EMA50), a technical indicator used to gauge momentum. Additionally, stochastic indicators, which measure market overbought and oversold conditions, are nearing a positive crossover. This confluence of technical factors suggests a potential upward move for Ethereum.
Economies.com maintains a bullish outlook for Ethereum in the near future, as long as the price remains above the critical support level of $3,641.85. If the price falls below this level and sustains the drop, the bullish forecast might need to be reevaluated.
The expected trading range for Ethereum today is anticipated to be between $3,680 (support) and $3,950 (resistance).
