Based on the Finbold Analytics:

Ethereum $ETH bulls eye $4,000 as analysts warn of ‘major rebound’

According to the analyst, on the daily chart, Ethereum is confronting a critical resistance zone between $2,717 and $2,817. 

This area has been tested multiple times, with each rejection met by strong buying pressure around the $2,500 level, suggesting that bulls remain firmly in control. 

However, the chart still looks bearish, as the price has struggled to break through key resistance levels, maintaining a pattern of lower highs. 

Holding above $2,500 is crucial for maintaining the current bullish momentum. If Ethereum breaks through this resistance, the next major hurdle would be around $3,500, potentially paving the way toward the $4,000 mark.

Additionally, the daily chart reveals a “change of character” (CHOCH) pattern, indicating a possible shift from a bearish to a bullish market structure, which could further support a significant upward move.

Currently, Ethereum is trading at $2,620, reflecting a 0.82% increase in the last 24 hours and an accumulated loss of 9% over the past seven days, according to data as of August 11.

For traders and investors, the focus remains on the $2,717 to $2,817 resistance zone. A successful breakout above this level could pave the way for Ethereum to reach new highs, with $4,000 being a realistic near-term target.

However, if the bulls fail to clear this resistance, a pullback toward the $2,500 support level could occur. 

While the overall technical structure suggests that Ethereum is positioned for a significant move, the bearish chart elements highlight the importance of overcoming key resistance levels to sustain the bullish momentum and propel the cryptocurrency to new heights.