- Ethereum lifts above stubborn resistance at $3,400, opening a path to $4,000.
Social media mentions surrounding ETH spike to levels seen in early August.
Ethereum jumped to a 14-week high of $3,484 on Tuesday following a confirmed break above $3,200 on Monday. The gigantic smart contract token swung above the prevalent resistance provided by the 61.8% Fibonacci resistance level, paving the way to a new August high.
Ether is trading at $3.415 following a correction from the highs mentioned at the time of writing. The breakout above $3,400 is believed to be the gate pass for Ethereum to rise to $4,000. However, bulls seem to have run out of momentum. All the same, higher support, preferably at the same zone, will keep the upward trajectory intact.
Ethereum Sees Spike In Social Volume
Ethereum was the best performing major asset in the previous week, according to data analysis platform Skew. Ether beat Bitcoin performs due to the mitigated retreat toward $3,000 as the market trimmed gains.
Meanwhile, the rise above $3,400 sparked increased discussions surrounding the largest altcoin. The spike in social volume across platforms like Twitter, Telegram, and crypto subreddits comes after a week of calmness.
Data by Santiment shows that the volume hit 4,144, dwarfing the previous high of 3,892, recorded on a 90-day trailing average. Social media mentions give an insight into the interest investors are having toward a crypto asset. The price tends to rally in tandem with increasing social volume.
Ethereum is trading above a previously stubborn resistance; thus, with a slight push, it could quickly close the gap to $3,400. The Moving Average Convergence Divergence (MACD) indicator adds credence to the bullish outlook. An incoming buy signal will call more investors into the market, propping Ether for extended action to $4,000.
The Relative Strength Index (RSI) shows that Ether is not overbought yet. The neutral position suggests that bulls have plenty of room to explore. As RSI closes the gap to 70, the bullish grip will tighten, bolstering ETH further.
Ethereum Intraday Levels
Spot rate: $3,435
Trend: Bullish
Volatility: Low
Resistance: $3,600
Support: $3,400 and $3,200
