Over the past day, Ethereum prices have risen more than 4.6% to a peak of $2,634, and then experienced a slight recovery rate. According to the bullish pace of the crypto market, the famous Altcoin has made a huge price leap in the past month, with total revenue of 61.92% during this period. However, the price pattern suggests that Ethereum will have a major encounter at $4,000, with its price level potentially neutralizing or verifying the current price uptrend.
ETH must surpass long-term resistance to ignite large gatherings
In a May 16 X post, OKC partner and crypto analyst TED Pillows highlighted the important price level of Ethereum in the ongoing bull trend. It is worth noting that over the past few weeks, ETH has moved from $1,400 to more than $2,600 in transactions. Based on growth-based chart patterns and fundamental market fundamentals, Altcoin may maintain this uptrend in the near term.
According to TED Pillows, $4,000 can be described as the key price area for the ETH Bull based on historical price data. It is worth noting that Ethereum has been trading in a large-scale symmetric triangle that began in the third quarter of 2020 for 1,500 days. Currently, the price level of $4,000 is below the upper limit of the triangle, representing a significant objection to further price increases.
In 2024, Ethereum’s three rejections at a price level of $4,000, even in the overall market rise, also boosted speculation about Altcoin’s long-term profitability. If the ETH Bull can maintain current market demand, then stuck on the card may again touch this major resistance level.
To confirm Altcoin’s involvement in brewing crypto bull runs and Altseason’s involvement, Ethereum must tilt the price over $4,000, tilting this price zone to an effective support level to enhance the current market structure, while bullish targets are as high as $12,000. However, if ETH faces another rejection in this resistor region, a price correction may occur, with a price of about $1,700 lower, which is consistent with the lower boundary of the symmetrical triangle.
ETH institutions have strong interest in waxing
In other news, the ETH market continues to see market interest from institutional investors. TED Pillows reported in another X post that over the past few days, UK-based investment manager Abraxas Capital now owns 257,165 ETH worth $655 million, which is worth $655 million. Institutional investment is a strong bullish signal for the long-term profitability of the ETH market, as they indicate strong demand from these traditional financial institutions and relatively high liquidity. At press time, the largest cryptocurrency Altcoin traded at $2,490, indicating a 6.95% yield over the past week.
Featured images from Istock, charts for TradingView
