Ethereum continues to hold above $4,411 but faces challenges in the spot market. Analysts remain focused on a $6,000 target based on technical and fundamental analyses.
Resistance at $4,450 Defines Next Move
Ethereum price is holding its ground above $4,411, with the $4,450 to $4,500 area acting as a hurdle. Analysts note this as a key technical pivot: a daily close above this level might spur a move to $4,593 and then $4,729, potentially unlocking an implied target of $6,000.
Technical Patterns Support Upside if Key Levels Clear
The chart pattern suggests Ethereum may be developing a Wyckoff accumulation, which precedes an upside breakout when demand surpasses supply. Additionally, medium-term Fibonacci analysis suggests upside targets around the $6,000-$6,750 price range, and a successful retest of the $4,400 support may increase the likelihood for continuation of gains.
Fundamental Backing from ETF Flows and Scarcity Trends
Ethereum’s fundamentals back the technical narrative. ETFs continue to see steady inflows, suggesting increasing institutional adoption. At the same time, on-chain data indicates that Ether supply on exchanges is tightening, increasing scarcity and demand for a higher price. These settings align with previous cycles, where surging demand and limited supply incited steep rallies.
Ethereum faces challenges, but is supported by positive technical and fundamental signals. These factors point to a potential move towards the $6,000 level, despite current spot market volatility.
