The price of Ethereum has jumped strongly above the $4,000 level driven by increasing buying momentum, achieving a weekly gain of +18%, which led to the liquidation of short positions worth $184 million in just 24 hours, a clear indication of strong demand.
📌 Market Data: Strong momentum and increasing buying
Open Interest rose to $51.61 billion (+10% in 24 hours), reflecting traders' confidence and readiness to ride the upward wave.
Strong Institutional Flows:
Ethereum-backed ETFs saw inflows of $326.83 million between August 4 and 8, raising total assets under management to $23.38 billion.
📌 Technical Analysis: Critical levels in the short term
Main support: $3,909 (Fibonacci 0.236).
Resistance: $4,430 — breaking this could open the way to the historical peak of $4,827.
Primary target: $5,000, which could be achieved if the current momentum continues with institutional inflows.
📌 Possible Scenarios
🔵 Positive Scenario (Currently Likely)
Continued money flows and an increase in open futures betting on the upward trend with a break above $4,430 will likely push Ethereum towards $4,827 and then $5,000.
🔴 Negative Scenario
Breaking the support at $3,909 could halt the upward momentum and push the price down to $3,340.
💡 Summary:
Ethereum is currently benefiting from strong technical momentum and clear institutional inflows, which enhances the likelihood of testing new historical levels. However, holding above $3,909 remains a prerequisite to maintain this positive trend.
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