Ethereum prices increased by over 4.6% over the past day to reach a top of $ 2,634 before experiencing a small retracing. In line with the haus -like rhythm of the crypto market, the prominent Altcoin has registered significant price outputs over the past month, which resulted in a total profit of 61.92% during this period. However, price patterns indicate that Ethereum is on its way to a large meeting at $ 4000a price level with the potential to neutralize or validate the current price recording.
ETH must exceed prolonged resistance to Ignite Mega Rally
In one X post On May 16, OKC partner and crypto analyst Ted pillows emphasized an important price level for Ethereum in the middle of the ongoing bull trend. Noteworthy, ETH has moved by over 60% in recent weeks from $ 1400 to trade over $ 2,600. Based on the growing diagram pattern and underlying market basics, altcoin is likely to retain this upward in the short term.
According to TED pads, $ 4,000 can be described as a crucial price region for ETH bulls based on historical price information. Notable has the Ethereum traded within a Massive symmetrical triangle It started during the third quarter of 2020 and has lasted for over 1500 days. The price level of $ 4,000 is currently just below the upper limit of this triangle, which represents significant resistance to additional price gains.
In 2024, Ethereum met popularly rejected three times at the price level of $ 4,000, even in the middle of general market rises and raised speculation over Altcoin long -term profitability. If the ETH bulls can maintain the current demand in the market, another meeting with this large level of resistance is probably on the cards.
To confirm Altcoin’s participation in a brewing crypto bull driving and altar season, Ethereum must press over $ 4,000 and turn this price zone to an efficient support level that can strengthen the current market structure with haussearted targets as high as $ 12,000. But if ETH is facing another rejection in this resistance zone, a price correction can occur with potential for price low about $ 1,700 in line with the lower limit for the symmetrical triangle.
A institutional interest is growing strongly
In other news, the ETH market continues to see a significant market interest from institutional investors. In a separate X -pole, Ted cushions reports The UK’s based investment manager Abraxas Capital has now $ 257,165, valued at $ 655 million, following a continuous accumulation trip in recent days. Institutional investments are strong haus-like signals about long-term profitability for the ETH market as they indicate a strong demand from these traditional financial institutions with relatively high liquidity amounts. At press time, Crypto’s largest Altcoin trading is about $ 2,490, indicating a 6.95% profit over the past week.
Image from iStock, chart from tradingview
