Ethereum continues to test strong resistance at the $3,750-$3,800 level. Crypto analyst Michaël van de Poppe suggests a potential rise to $4,000.
Strong Resistance and Steady Gain
Crypto analyst Michaël van de Poppe noted that Ethereum has been consistently testing resistance levels. While many anticipated a correction, ETH has continued to rise, having tested the $3,750-$3,800 zone four times. This indicates that buying interest is growing. According to van de Poppe, ETH might temporarily dip to $3,250 to shake out some long positions; however, the overall trend remains bullish.
Bitcoin's Role in Ethereum's Movement
According to van de Poppe, Ethereum's next major move is closely linked to Bitcoin. If Bitcoin can rise to $120,000, it could act as a catalyst for altcoin growth, including Ethereum. In this case, ETH could easily surpass $4,000, and many altcoins may see double-digit gains.
Rise of Institutional Investments
Increased interest from institutional investors has also positively impacted Ethereum's price. Recent data indicates that Ethereum ETFs saw over $1.39 billion in inflows this past week. Although this is down from last week's $2.18 billion, institutions continue to buy into ETH, demonstrating strong confidence among major players regarding its future prospects.
Given all these factors, Ethereum could rise to $4,000 if the current trend continues and it overcomes strong resistance. The dependence on Bitcoin and the rise of institutional investments may support this trend.
