📈 Series $ETH towards $4K is still ongoing... Is it time for an explosion?
$ETH continues to test the critical resistance area between $3,945 – $4,000, after three strong upward waves with percentages of 134.91%, 69.82%, and 81.45%.
Despite the failure of every previous attempt to hold above the $4K barrier, the technical structure remains bullish, keeping the possibility of a breakout alive.
🔍 What supports this trend?
- The price bounced from a base of $1,400 and rose again above $3,600, putting increasing pressure on the resistance area.
- The main support currently at $3,350, and holding above it may open the door for a retest of the $4,000 level.
📊 Market and institutional signals
- According to [CoinCodex], the price of ETH is expected to reach $4,034 within days, an increase of 9.84%.
- [Tom Lee] sees Ethereum living its moment similar to Bitcoin in 2017, predicting the price to reach $16,000 if the ETH/BTC rate returns to 2021 levels.
- [CCN] indicates that ETH formed a "bull flag" pattern, which strengthens the likelihood of continuing the upward trend towards $4,105 then $5,785 in the long term.
⚠️ Are there risks?
- Failure of the price to break through $4,000 could lead to a decline towards $3,350 or lower.
- Selling pressure is still present, as shown by [CryptoQuant] data which recorded the second-largest selling day in ETH's history.
- However, the increase in the number of active wallets and growing institutional interest enhances Ethereum's ability to absorb this pressure.
---
📢 Follow daily analyses on channel #CryptoEmad