Ethereum trades around $1,950 with analysts eyeing a breakout toward the $4,000 level.
BlackRock boosts ETH holdings by 37%, signaling strong institutional confidence.
Technical charts show ETH has formed a bullish base above $1,750 for further upside.
Ethereum (ETH) has extended its recovery to trade around $1,950 as of May 8, reclaiming key resistance zones. A growing bullish divergence on higher timeframes has analysts expecting a potential move of over 100% from current levels. This scenario would place Ethereum back near the $4,000 zone if momentum continues to build.
Ethereum Holds Gains as Analysts Target $2,100–$2,200 Range
Ethereum has steadily moved upward since rebounding from its $1,750 support zone earlier this month. The asset now trades at around $1,950, with technical indicators showing strong bullish conditions.
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According to an analysis prepared by Michaël van de Poppe, ETH holding above $1,800 and reclaiming key levels could lead to a test of the $2,100–$2,200 range. The Relative Strength Index (RSI) remains above the neutral 50 mark, while the hourly MACD is gaining strength.
ETH has also moved past the 76.4% Fibonacci retracement level from the recent swing drop. World of Charts noted that the price consolidation between $1,750 and $1,870 formed a solid base for a breakout. A close above $1,880 confirmed the start of a higher trend, and the price now tests new resistance levels.
Institutional Accumulation Supports Long-Term Price Strength
Institutional interest in Ethereum has strengthened further. According to a May 3 update, BlackRock added 10,955 ETH worth $20.1 million to its holdings. This raised its total Ethereum position to $74 million, reflecting a 37% increase over its previous allocation. The move came during a broader market pullback, signaling continued accumulation from large investors.
Crypto Amsterdam stated that if Ethereum maintains support above $1,750 and trading volume continues to rise, the market could see a renewed rally toward the $4,000 region. Historical data shows that similar price levels preceded long-term upside moves. This technical setup and institutional backing suggest a strong foundation for further growth.
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