š Current technical situation
Breakout above resistance levels: ETH recently surpassed the resistance barrier at $2,700 with strong trading activity, rising by 6.5ā6.7% over a day or two.
Integration of upward trends: A rising triangle is forming on the daily chart, indicating the potential for breaking new resistances towards $2,800 and then $2,900.
Strong technical indicators: Proximity of rising EMA lines, and indicators like DMI and ADX show a growing strength of the trend.
Next resistance levels:
Immediate resistance: $2,800ā2,835.
Medium-term target: $2,882 ā $2,920 ā $2,967.
Major targeted resistance: around $3,000 then $3,500ā$4,000 if momentum continues.
š§ Supporting fundamental factors
Institutional inflows: Continued positive inflows into institutional ETF funds, including the fourth consecutive week for ETH spot ETFs.
Accumulation of large investors (whales): Significant accumulation by large investors contributes to strengthening the upward trend.
Active technical upgrades: The launch of the 'Pectra' upgrade on May 7 has improved efficiency and increased network attractiveness.
The potential for low inflation, increased dollar reserves, and rising institutional demand: these external factors bolster positive market sentiment.
