Ethereum Eyes $4K Breakout to New All-Time Highs
A prominent technical chart formation indicates that Ether (ETH) may be on the cusp of breaking out to reach new all-time highs. The primary question is whether Ether can successfully turn the psychological $4,000 mark into a lasting support level.
Over the past week, Ether’s price has surged by more than 27%, converting crucial resistance areas into support zones. This price rally has resulted in Ether breaking out of a falling wedge chart pattern, which is often seen as a signal of a potential reversal in a downward trend. According to Jelle, a pseudonymous crypto trader with a considerable following, this breakout could pave the way for new record highs. In a recent post, Jelle commented on Ether’s technical movements, stating that “$ETH broke out from the falling wedge, then flipped key areas into support & now pushes for $4,000. New highs and new all-time highs are next.”
The declining dominance of Bitcoin suggests an increasing focus on Ether. Over the past few days, the ETH/BTC trading pair has shown positive movement, correlating with a decrease in Bitcoin’s market dominance by roughly 0.98%. Ether’s market dominance increased by approximately 4.4%. Over the span of 24 hours, Ether’s dominance rose by 1.45%, while Bitcoin’s dropped by 0.57%, according to data from TradingView.
Much of Ether’s recent price surge can be attributed to favorable news surrounding the first spot Ether exchange-traded funds (ETFs). On May 20, reports indicated that the United States Securities and Exchange Commission (SEC) had reconsidered its stance on spot Ether ETFs, possibly due to political pressure. This news triggered a nearly 20% rise in Ether’s price within a single day. The SEC reportedly asked ETF exchanges to revise their 19b-4 filings, further boosting investor confidence.
Adding to the bullish sentiment, Arthur Cheong, the founder and CEO of DeFiance Capital, a crypto-focused investment firm, suggested that Ether’s price could soar to $4,500 before the spot Ether ETFs begin trading. Cheong shared his optimistic view in a recent post, where he forecasted a significant price rally in the lead-up to the ETFs going live.
Despite the upbeat outlook, Ether’s price still faces a substantial hurdle at the $4,000 psychological mark. Breaking through this level could trigger the liquidation of over $433 million worth of cumulative leveraged short positions across various exchanges, based on data from CoinGlass.
To sustain its bullish momentum, Ether needs to close the week above the $3,956 level. According to Rekt Capital, a well-known crypto analyst, a weekly close above this threshold would solidify Ether’s move into the $4,000+ territory. Rekt Capital noted that Ether is currently forming a lower high but emphasized that a weekly close above the $3,956 mark is crucial for confirming a continued upward trend.
Ether is showing strong technical indicators that suggest a potential breakout to new heights. With key resistance levels being flipped into support and positive developments around spot Ether ETFs, investor sentiment is increasingly positive. The significant psychological resistance at $4,000 remains a critical barrier that Ether needs to overcome to maintain its upward trajectory. A close above $3,956 by the week’s end is essential for confirming sustained bullish momentum and paving the way for new all-time highs.
33 thoughts on “Ethereum Eyes $4K Breakout to New All-Time Highs”
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Amazing how everyone gets so excited about ‘technical indicators.’ Sounds like a lot of smoke and mirrors to me.
27% surge in one week is massive! ETH is breaking all barriers. Lets maintain this momentum and go higher!
Arthur Cheong’s prediction of $4,500 is exciting! With Ether’s current momentum, I wouldn’t be surprised at all. Go ETH!
The ETF news adding fuel to the fire is just what ETH needed! Heres to reaching and sustaining new highs!
Go ETH! Breaking out of that falling wedge and capitalizing on ETF news is perfect timing. Keep pushing!
Seeing ETH flip resistance into support is so bullish! This combined with the ETF news is very promising. Let’s hit $4,500!
Flipping resistance into support sounds great in theory, but crypto doesnt follow the rules. Weve been burned before.
ETH always gets this kind of attention, but the $4,000 mark is a psychological barrier for a reason. Breaking through it and sustaining it is a huge ask.
Positive sentiment, schmositive sentiment. The only thing consistent about ETH is its inconsistency.
Another day, another ‘expert’ prediction. Just because people are talking about $4,000 doesn’t mean it’s going to happen.
Finally, some great momentum for ETH! Breaking out of the wedge and surging over key levels awesome to see!
Every time there’s some news about ETFs or SEC approvals, we get our hopes up only to be let down. Seems like another pump-and-dump scheme to me.
A lot of buzz around the ETFs and SEC approval, but these things often face delays or outright rejection. Too many variables to be this optimistic.
ETH breaking out of the falling wedge is incredible news! With the positive ETF developments, it’s only a matter of time before we see new highs!
Sure, the price shot up, but it can plummet just as quickly. The crypto world is a rollercoaster, and I’m not buying the ticket this time.
So thrilled about ETH’s recent price movement! This technical breakout is what we’ve been waiting for.
The falling wedge breakout is super bullish! All signs are pointing to a big move for Ether. $ETH to the moon!
This article has me so pumped for ETH! The technicals are aligning and the fundamentals are strong with all this ETF talk. $4,000 soon!
So much reliance on hitting that psychological $4,000 mark. Feels like a setup for a big disappointment if it doesnt happen.
This is huge news for ETH! Breaking out of the falling wedge and flipping key levels into support is a very bullish signal! Can’t wait to see what’s next! $ETH to $5,000?
ETH soaring to $4,500? Ill believe it when I see it. Right now, its just a lot of wishful thinking and speculation.
A 27% surge in a week sounds too good to be true. We all know how volatile the crypto market is. Brace yourselves for a big drop.
ETH to the moon! This kind of technical breakout is exactly what we’ve been waiting for. Let’s break $4,000 and never look back!
ETH is showing such strong technicals right now! New highs are definitely on the horizon. 🌟 Yesss! 🚀
Only a few hundred dollars to go! The $4,000 psychological barrier is a tough one, but Ether has the potential to break through!
Huge week for ETH! The breakout from the falling wedge is a game-changer. Looking forward to seeing it hit $4k!
A 27% surge in a week is just phenomenal! ETH is showcasing its strength. This is just the beginning, I’m sure!
Just saw the news about Ether! Amazing potential, especially with the SEC reconsidering ETFs. $ETH to new ATHs!
Oh wow, exciting times for ETH investors! A falling wedge breakout is a strong signal. Looking forward to new highs!
With all these positive indicators and the ETF news, I’m even more bullish on ETH. Lets close the week strong!
Let’s go $ETH! Turning resistance into support is just what we needed! Upwards and onwards!
So exciting to see Ether making these moves! With the technical breakout and the ETF news, we could be in for a wild ride! 🌋🌑
Incredible news! ETH is showing so much strength lately. Breaking that $4,000 barrier is going to be huge!