Ethereum (ETH) price surged overnight: is the $4,000 target in sight?
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Ethereum's recent price trend shows that the rebound is ready to go, and the $3,400 resistance level is in danger, which may lay the groundwork for the start of the bull market in 2025. The current trading price is $3,398, with a daily increase of 4.26%, and the technical pattern is bullish.
Technical breakthrough: pattern and trend resonance
Triangle breakthrough is imminent: short-term resistance is gradually eroded, and the pattern shows that Ethereum is accumulating momentum for breakthrough.
Adam and Eve mode: Ethereum has completed a V-shaped reversal and a round bottom structure, and the neckline price is consistent with $3,477.
Target is bullish: If the neckline is broken, it is expected that the price will sprint to the $4,000 mark by the end of 2024.
Institutional funds pour in: confidence doubled
Recently, institutional investors have increased their investment in Ethereum, with a single-day inflow of $130.76 million on December 23, and cumulative assets exceeding $12 billion. Among them:
BlackRock purchased $89.51 million.
Fidelity increased its holdings by $46.37 million.
This enthusiasm shows that Ethereum is becoming the focus of institutional funds.
On-chain data: a strong bullish atmosphere
Leverage ratio surges: The leverage ratio in the derivatives market climbed to 0.5, reflecting the influx of high-risk funds.
Fund holdings hit a new high: Fund holdings reached 3.6 million, up 20% from two months ago.
South Korea's premium soared: The premium index rose to 5.1, showing strong demand for ETH in the Asian market.
From technical forms to capital flows, to on-chain data, Ethereum prices are facing strong upward momentum. Targets of $3,477 and $4,000 may become the key nodes of the next round of market. Both institutional layout and market sentiment indicate that Ethereum will take a step ahead of the bull market!
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