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Ethereum prices gained by over 4.6% in the past day to reach a peak of $2,634 before experiencing a slight retracement. In line with the bullish rhythm of the crypto market, the prominent altcoin has recorded significant price leaps in the past month, resulting in a total gain of 61.92% in this period. However, price patterns indicate that Ethereum is headed for a major encounter at $4,000, a price level with potential to neutralize or validate the current price uptrend. Related Reading Ethereum Multi-Year Consolidation Could Spark A Parabolic Move – Details 1 day ago ETH Must Surpass Long-Standing Resistance To Ignite Mega Rally
In an X post on May 16, OKC partner and crypto analyst Ted Pillows highlighted an important price level for Ethereum amidst the ongoing bull trend. Notably, ETH has moved by over 60% in the past few weeks from $1400 to trade above $2,600. Based on the growing chart pattern and underlying market fundamentals, the altcoin is likely to maintain this uptrend in the short term.
According to Ted Pillows, $4,000 can be described as a crucial price region for ETH bulls based on historical price data. Notably, Ethereum has been trading within a massive symmetrical triangle that began in Q3 2020 and has lasted over 1,500 days. The $4,000 price level currently sits just below the upper boundary of this triangle, representing a significant opposition to further price gains. Source: @TedPillows on X
In 2024, Ethereum popularly faced rejection thrice at the $4,000 price level, even amidst general market upswings, raising speculations over the altcoin’s long-term profitability. If the ETH bulls can sustain the current market demand, another encounter with this major resistance level is likely on the cards.
To confirm the altcoin’s participation in a brewing crypto bull run and altseason, Ethereum must push past $4,000, flipping this price zone into an effective support level that could strengthen the current market structure with bullish targets set as high as$12,000. However, if ETH faces another rejection at this resistance zone, a price correction could occur with potential for price lows around $1,700 in line with the lower boundary of the symmetrical triangle. Related Reading XRP Price Explosion To $5.9: Current Consolidation Won’t Stop XRP From Growing 1 day ago ETH Institutional Interest Waxes Strong
In other news, the ETH market continues to see significant market interest from institutional investors. In a separate X post, Ted Pillows reports that UK-based investment manager Abraxas Capital now holds 257,165 ETH, valued at $655 million, following a continuous accumulation spree over the past few days. Institutional investments are strong bullish signals of long-term profitability for the ETH market as they indicate a strong demand from these traditional financial institutions with relatively high amounts of liquidity. At press time, crypto’s largest altcoin trades at $2,490, indicating a 6.95% gain in the past week. ETH trading at $2,493 on the daily chart | Source: ETHUSDT chart on Tradingview.com
Featured image from iStock, chart from Tradingview