- Ethereum is at critical resistance; a breakout could trigger a significant rally.
- The dormant ETH address was reactivated, causing market speculation.
Ethereum has been one of the most talked-about cryptocurrencies this year, especially with its roller-coaster performance and the recent ETF approval green light. Starting the year trading at $2,352, Ethereum saw a significant rise to $4,093 in March, a level not reached since 2021. However, by May 1, the price had fallen to $2,817 before rebounding to $3,949 in mid-May. Three days ago, Ethereum dipped to $3,600, struggling to surpass $3,800. Currently, it is trading at $3,683 with a mod 0.05% surge, and the trading volume has increased by 0.07%.
Over the past week, Ethereum is down 3.45%, but it has seen a 26% increase over the past month. Analysts suggest that ETH is at a crucial resistance level, and a breakout above this level could result in a significant rally in the coming weeks or months. Additionally, Ethereum is currently facing buying pressure.
Adding to the market dynamics, two days ago, a dormant Ethereum address, inactive for nearly nine years, was reactivated, revealing holdings worth approximately $21.9 million. This event, coupled with another significant Ethereum transaction in May involving dormant addresses, has led to speculation among market watchers about the potential impact on Ethereum’s price if these large sums enter circulation.
When Will ETH Hit $4K?
The daily chart reveals a bearish trend for Ethereum, with the 9-day EMA at $3,730. The daily RSI stands at 53, indicating a neutral situation.
If ETH bulls maintain their momentum, the price might reach $3,927, with the next target at $4,035. However, if the bears regain control, the price could drop to $3,604, with a lower support level at $3,503.
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