Ethereum tearing up towards $4,000 as ETH displays ‘main character moment’

Ethereum (ETH) is once again stealing the cryptocurrency market spotlight, with the asset now targeting the $4,000 level.

To this end, according to Analysis by charting platform TrendSpider, Ethereum is on the verge of a breakout supported by bullish technical indicators. 

In a July 8 post on X, TrendSpider noted that after reclaiming $3,800, Ethereum is having its “main character moment.”

The outlook shows that after months of accumulation between $2,000 and $3,000, Ethereum finally broke above the key resistance zone around $3,000 and $3,200 in mid-July. This breakout unleashed strong buying momentum, pushing ETH to highs near $3,800.

The platform’s Analysis identified a well-formed cup-shaped pattern that developed over the past six months, which often precedes significant upside moves. The volume profile indicates significant prior trading activity in the $2,500 to $3,000 zone, suggesting that former resistance has become strong support.

Ethereum price levels to watch 

At the same time, market sentiment remains upbeat. A TrendSpider poll also found that 80.5% of respondents expect Ethereum to reach $4,000 in 2025, with 41% predicting $5,000 and 26.5% targeting $6,000. More bullish projections see ETH climbing to $7,000 (17.5%) or even $8,000 (13.5%).

Ethereum’s momentum is also being fueled by institutional inflows and whale activity. For instance, on July 18, Ethereum ETFs recorded $402.5 million in net inflows, surpassing Bitcoin’s $363.4 million, with BlackRock’s ETHA driving 98% of the activity and pushing total ETH ETF assets to $18.37 billion. 

On-chain data showed a whale purchased 13,462 ETH (about $50 million) at $3,715. In comparison, futures open interest rose 12.79% month-over-month to $786 billion, with leveraged traders such as James Wynn reportedly taking $12.1 million in 25x long positions.

Ethereum price analysis 

At press time, the second-largest cryptocurrency by market capitalization was trading at $3,745, up more than 5% in the last 24 hours and 25% over the past week.

ETH seven-day price chart. Source: Finbold

At current levels, Ethereum remains in a strong uptrend, trading above its 50-day simple moving average (SMA) of $2,674 and 200-day SMA of $2,357. However, the 14-day RSI at 84 indicates overbought conditions, suggesting a short-term pullback could occur despite the bullish momentum.

Featured image via Shutterstock

Comments

Post a Comment

Popular posts from this blog

Bitcoin mining industry mostly uninterested in spam controversy

While many Bitcoin users have been engaged in a social media flamewar over the use of individual node-level “spam” filters for most of the year, those involved in the bitcoin (BTC) mining industry have mostly stayed in their lanes, unbothered and flourishing. The Bitcoin block size war involved a number of miners who were very willing to share their opinions on the correct way to scale the network going forward. However, that was a different time. Even with the first Bitcoin Improvement Proposal (BIP) now written for a potential soft fork related to the “spam” controversy, most individual miners and mining pools are more worried about their own business operations and focused on their specialized roles in the wider ecosystem. In the past, coordination with miners had been an integral part of the soft fork process, as the miners were intended to update first to make sure everything went smoothly. While this aspect of the soft fork updating process was politicized during...
Read more

Fed To Join Payments ‘Revolution,’ Bring Crypto In ‘From the Fringes,’ Governor Waller Says

Image
The US Federal Reserve is preparing to join the “revolution in payments” and bring crypto “from the fringes” of finance into the mainstream. That’s according to Governor Christopher Waller, who said at the Fed’s Payments Innovation Conference in Washington on Oct. 21 that the central bank will grant stablecoin issuers and fintech firms access to its payment system through proposed “skinny” master accounts. The move underscores a dramatic shift in the Fed’s approach to digital assets and decentralized finance. Waller said technologies like stablecoins, tokenized assets, and AI are “no longer on the fringes but increasingly woven into the fabric of the payment and financial systems.” “Payments innovation moves fast, and the Federal Reserve needs to keep up,” he said. “We intend to be an active part of that revolution.” Fed Intends To Be Part Of The “Technology-Driven” Revolution In Pa...
Read more