Ethereum prices obtained over 4.6% in the past to reach a peak of $ 2,634 before experiencing a slight retracement. In line with the bullish rhythm of the cryptocurrency market, the prominent Altcoin has recorded significant price jumps in the last month, with consequent total gain of 61.92% in this period. However, the price models indicate that Ethereum is directed to a large meeting at $ 4,000, a price level with the potential to neutralize or validate the current price trend.
Eth must overcome the long -standing resistance to ignitis mega rally
In a post x on May 16, the partner Okc and Crypto Analyst cushions highlighted an important level of price for Ethereum among the trend of the current bull. In particular, ETH has moved over 60% in the last few weeks of $ 1400 to exchange more than $ 2,600. Based on the growing graphic model and the foundations of the underlying market, Altcoin is likely to maintain this short -term rise.
According to Ted Cuswows, $ 4,000 can be described as a crucial region for ETH bulls based on historical prices. In particular, Ethereum was exchanged within a huge symmetrical triangle which started in the third quarter of 2020 and lasted over 1,500 days. The price level of $ 4,000 is currently just below the upper limit of this triangle, which represents a significant opposition to further price increases.
In 2024, Ethereum popularly faced the refusal three times at the price level of $ 4,000, also in the midst of turns of the general market, raising speculations on Altcoin’s long -term profitability. If the Eth bulls can support the current market demand, another meeting with this important level of resistance is probably on the cards.
To confirm Altcoin’s participation in a stroke in Brewing Crypto in Toro and the season, Ethereum must exceed $ 4,000, launching this price area in an effective support level that could strengthen the current market structure with upward targets set up to $ 12,000. However, if ETH deals with another refusal in this area of resistance, price correction could occur with the potential for the price of about $ 1,700 in line with the lower limit of the symmetrical triangle.
The institutional interest ETH is strong
In other news, the hat market continues to see significant market interests from institutional investors. In a separate X post, Ted Cidows reports that the investment manager based in the United Kingdom Abraxas Capital now holds 257,165 Eth, worth $ 655 million, following a madness of continuous accumulation in the last few days. Institutional investments are strong upward -term income incomplete signals for the ETH market as they indicate a strong demand by these traditional financial institutions with relatively high quantities of liquidity. At the time of the press, the largest Altcoin in Crypto at $ 2,490, indicating a 6.95% gain last week.
First floor image from Istock, TradingView chart