Ethereum (ETH) price skyrocketed overnight: Is the $4,000 target within reach?
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Recent price trends of Ethereum indicate a rebound is imminent, with the $3,400 resistance level in jeopardy, potentially laying the groundwork for the 2025 bull market. The current trading price is $3,398, with a daily increase of 4.26%, and technical patterns show a cluster of bullish signals.
Technical Breakthrough: Resonance of Patterns and Trends
Triangle breakout is imminent: Short-term resistance is gradually being eroded, and the pattern indicates Ethereum is building up breakout momentum.
Adam and Eve pattern: Ethereum has completed a V-shaped reversal and rounded bottom structure, with the neckline price level aligning with $3,477.
Bullish target: If the neckline breaks, the price is expected to surge towards the $4,000 mark by the end of 2024.
Institutional Funds Pouring In: Confidence Soars
Recently, institutional investors have increased their positions in Ethereum, with a single-day capital inflow of $130.76 million on December 23, bringing total assets to over $12 billion. Among them:
BlackRock purchased $89.51 million.
Fidelity increased holdings by $46.37 million.
This heat indicates that Ethereum is becoming the focus of institutional fund attraction.
On-chain Data: Strong Bullish Sentiment
Leverage surges: The leverage in the derivatives market has risen to 0.5, reflecting the influx of high-risk capital.
Fund holdings reach a new high: Fund holdings have reached 3.6 million coins, a 20% increase from two months ago.
Korean premium surges: The premium index has risen to 5.1, indicating strong demand for ETH in the Asian market.
From technical patterns to capital flows, and on to on-chain data, Ethereum's price is facing strong upward momentum. The targets of $3,477 and $4,000 may become key nodes in the next round of market movements. Institutional layouts and market sentiment both suggest that Ethereum will take the lead before the bull market kicks off!
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