Ethereum Headed For Crucial Encounter At $4,000 – Here’s Why
Ethereum prices increased by over 4.6% to a peak of $2,634, marking a total gain of 61.92% over the past month. The cryptocurrency is approaching a critical resistance level at $4,000, which could either validate or neutralize the current uptrend. Historical data shows Ethereum has faced rejection at this price point three times in 2024, despite overall market upswings. A successful breach of $4,000 could lead to bullish targets as high as $12,000, while failure to surpass this level may result in a price correction towards $1,700. Institutional interest remains strong, with UK-based Abraxas Capital accumulating 257,165 ETH, valued at $655 million, signaling robust demand from traditional financial institutions. Currently, Ethereum trades at $2,490, reflecting a 6.95% gain over the past week.
