Ethereum has smashed through the $4,000 barrier for the first time in eight months, reaching an intraday high of $4,240 over the weekend. The rally is fueled by growing institutional demand, increased whale accumulation, and favorable regulatory developments, with traders now setting their sights on the $4,500 level.
Institutional interest has been a major driver, with publicly listed firms acquiring millions of ETH in recent months. Meanwhile, spot ETH ETFs continue to attract strong inflows, recording over $5 billion in gains in just July.
Institutional interest has been a major driver, with publicly listed firms acquiring millions of ETH in recent months. Meanwhile, spot ETH ETFs continue to attract strong inflows, recording over $5 billion in gains in just July.
From a technical perspective, Ethereum has shown solid momentum after bouncing from $3,470 and breaking past key Fibonacci levels. The Relative Strength Index (RSI) remains above 70, indicating strong buying pressure, while bullish candlestick formations suggest continued upward movement.
Key resistance levels are now at $4,391 and $4,532, with extended targets at $4,712 in the short to medium term. Support zones lie near $4,150 and $3,470.
On-chain data shows whales are actively buying at the $4,000 mark, signaling confidence in further gains. Analysts believe Ethereum is still in the middle stages of its macro uptrend, potentially setting the stage for a run toward $5,000 and a new all-time high.
