Ethereum’s upward actions fizzled as the leading altcoin failed to recover losses incurred during 2022 Q1. The crypto retained an impressive attitude toward April end as it hovered around the $3K mark. However, massive bearishness within the marketplace saw the crypto surrendering critical support that might have helped ETH rebound towards $3,200.
This spot is a 23.6% FIB retracement area, matching $2,815, which Ethereum tested two days ago but could not close beyond the zone. The 8.4% crash that followed dragged the token towards value levels of $2,686 at this publication. Now, the vital question remains,
Can ETH Explore the $4,000 – $5,000 Area by June 24?
First and foremost, why that day? This date remains crucial as it holds the highest expiry of the Q2, with more than 618.3K open contracts planning to cash profits. Meanwhile, most open contracts expiring on the day have higher rallying chances.
Nearly 420K or 67% contracts remain bullish with the call, and Strick’s Open Interest shows Ethereum boasts massive demand to hit either $4,000 or $5,000. Though 140K contracts call for $10K, the cases of that occurring remained pretty low. Nevertheless, Ethereum has the possibility of exploring $4,000 or $5K, provided the broad market delivers support.
Meanwhile, Ethereum needs a nearly 49.20% increase from current levels to attain the $4,000 goal. Also, the token should surge 86% to explore the $5,000 mark within the coming 48 days. That can appear impossible amid the prevailing market conditions. The only thing supporting the massive upticks is that ETH has seen that before.
The second-largest crypto by market value surged 121% within 46 days in August last year. It followed the staggering increase with another 73.91% rally in October. Meanwhile, that happened as the market retained a bullish outlook.
Similar trends might emerge in the coming sessions since ETH indicators exhibit the potential to overturn the bias with a bullish regime in the next couple of days. Such cases might help the alt close beyond the 23.6% Fibonacci line. Nevertheless, momentum failing to gain strength will see the 420K contracts in losses.