The situation in the Ethereum market continues to attract analysts' attention. Despite high price volatility, there is a possibility of growth towards the $6,000 level.
Resistance at $4,450
Ethereum remains above $4,411, with the range between $4,450 and $4,500 acting as key resistance. A daily close above this level could lead to a move towards $4,593 and then $4,729, possibly opening a target of $6,000.
Technical Patterns and Potential Growth
Chart patterns suggest that Ethereum may be developing a Wyckoff accumulation model, which precedes an upward breakout. Fibonacci analysis indicates potential price targets in the $6,000 to $6,750 range, and a successful retest of the $4,400 support may increase the likelihood of continued gains.
Fundamental Support Factors
Fundamentals back the technical narrative. ETF flows continue to show steady inflows, indicating increasing institutional demand. Meanwhile, on-chain data shows tightening Ether supply on exchanges, enhancing scarcity and demand for a higher price.
The Ethereum market faces challenges, but technical and fundamental factors suggest the possibility of a breakout and price growth. The analysis shows that demand from ETFs and limited supply create conditions for reaching the $6,000 level.
