Ethereum shows strong growth, breaking through the $4,000 level and setting a target of $5,018. Increased transactions and institutional interest support this momentum.
Technical Analysis of Ethereum
Ethereum has successfully broken above a multi-week bull pennant pattern, indicating a potential target of $5,018 on the daily timeframe. This breakout follows a sustained upward move and a rise in transaction volumes that recently peaked at 1.8 million daily transactions.
Rising Institutional Interest
Institutional interest in Ethereum continues to rise, with data showing Ethereum ETFs registering a daily inflow of 4,116 ETH, totaling $15.87 million. The leading contributor in this space has been BlackRock’s iShares Ethereum Trust, which added 9,077 ETH.
Market Sentiment and Resistance Pressure
Despite bullish momentum, Ethereum is facing resistance near the $4,000 mark. Data shows that long and short volumes are nearly equal, indicating indecision among traders. Large transfers of ETH from Binance create additional risks in the market.
Ethereum demonstrates confident signs of growth, supported by increased transaction volumes and institutional interest. However, upcoming resistance levels and market sentiment should be closely monitored to determine the next moves.
