Ethereum prices gained more than 4.6 % last day to reach a peak of $ 2,634 before you suffer from a slight decline. In line with the bullish rhythm of the encryption market, Altcoin recorded great prices in the last month, which led to a total profit of 61.92 % in this period. However, price patterns indicate that Ethereum is heading to a large meeting at $ 4000, which is the level of price with the possibility of neutralizing or verifying the validity of the current upward trend.
ETH must exceed long -term resistance to ignite mega rally
in X post On May 16, TED Bandwost partner highlighted the OKC partner and TED BADOWS is an important price level for ETAREUM in the midst of the constant bull direction. It is worth noting that ETH has moved more than 60 % in the past few weeks from $ 1,400 to trading over 2,600 dollars. Based on the growing graph style and basic market basics, Altcoin is likely to maintain this upward trend in the short term.
According to TED pillows, $ 4000 can be described as a decisive price zone for ETH based on historical price data. It is worth noting that Ethereum is circulating within a massive similar triangle that started in the third quarter of 2020 and lasted more than 1500 days. The price level of $ 4000 is currently lower than the upper limits of this triangle, which represents a major opposition to achieving additional price gains.
In 2024, ETHEREUM confronted the rejection three times at the price level of $ 4,000, even amid public market operations, raising speculation about Altcoin’s long -term profitability. If the bulls are able to maintain the current demand in the market, then there will be another meeting with the main resistance level on the cards.
To confirm Altcoin’s participation in the Crypto Bull Run and Altseason race, ETHEREUM must exceed $ 4000, turning this price area to an effective support level that can enhance the current market structure with upward targets of $ 12,000. However, if ETH faces another rejection in this resistance area, the price correction may occur with the possibility of prices to drop to about $ 1700 in line with the lower limits of the similar triangle.
Come wax with strong ETH interests
In other news, the ETH market continues to see a great interest in the market from institutional investors. In a separate x publication, TED cushions Reports Abraxas Capital, the UK’s investment manager, has 257,165 ETH, at a value of $ 655 million, after a continuous accumulation spray over the past few days. Institutional investments are strong bullish signals for long -term profitability for the ETH market because they indicate a strong demand from these traditional financial institutions with relatively high amounts of liquidity. At the time of the press, the largest altcoin in Crypto is trading at $ 2,490, indicating an increase of 6.95 % last week.
Distinctive image from Istock, tradingvief chart
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