According to Cointelegraph: The price of Ether (ETH) might be on its way to crash through its all-time highs, assuming it can hold steady over the significant $4,000 mark by the week's end. An important technical formation in the ETH price chart indicates a potential breakout towards new all-time highs.
Over the past week, ETH has seen over a 27% rise, transforming major resistance areas into supports. It has broken out of its falling wedge chart formation, traditionally a sign of a possible reversal from the previous downward trend.
This could be hinting towards a surge to all-time highs, as per pseudonymous crypto trader, Jelle, who commented in a May 27 X post that after breaking from the falling wedge and turning key areas into support, Ether (ETH) is pushing for the $4,000 mark. He projects new highs and all-time highs are to follow.
Amid the recent shift in focus from Bitcoin to Ether (ETH), Bitcoin's dominance has dropped over 0.98% in the past five days, simultaneously increasing Ether's dominance by 4.4%.
Positive developments around the first spot Ether exchange-traded funds (ETFs) have largely fuelled Ether's price rally. In response to news that the U.S. SEC had reversed its stance on spot Ether ETFs, Ether's price leaped nearly 20% within a day.
Given the positive sentiment, Arthur Cheong, the founder and CEO of DeFiance Capital, conjectures that Ether's price could hit the $4,500 mark before the first spot Ether ETFs begin trading.
However, the $4,000 mark could serve as a formidable resistance point for Ether's price. A successful move above $4,000 might liquidate over $433 million worth of cumulative leveraged short positions across all exchanges. To confirm sustained bullish momentum, ETH needs a weekly close above the $3,956 mark, says popular crypto analyst Rekt Capital.