Key takeout
- FundStrat’s Mark Newton expects Ethereum to reach nearly $4,300 in the next 12 hours, offering a strong risk reward setup.
- Ethereum’s bullish outlook could remain intact and head towards $5,400 if it outweighs key support at $4,067.
Ethereum appears to be set at nearly $4,300 within the next 12 hours before reopening the uptrend. Mark Newton, managing director and head of technical strategy at Thomas Global Advisors, said in a recent note shared by Thomas “Tom” Lee.
Resistance is expected to be close to $5,100, with Ethereum potentially reaching $5,400-$5,450 in breakouts, according to Newton. By maintaining support over $4,067, the bullish paper continues as is, nullifying the short-term bearish perspective.
“ETH is a very good risk/reward here. I’m very skeptical and I’ll break this trend and beat 4,067 from 8/18.
Ethereum was trading nearly $4,400 at the time of press. I pushed Bitcoin to under $110,000. The biggest digital asset last changed hands at around $109,782 per Coingecko data.
Bitmine Immersion, Lee’s Ethereum Treasury Company, We own ETH of over 1.7 million people It’s worth about $7.5 billion. The company added 190,500 ETH last week, solidifying its position as the largest corporate holder of the coin.
