Ethereum is nearing the critical $4,000 resistance barrier, exhibiting technical price patterns reminiscent of those observed during May and June. Currently trading at approximately $3,964.89 and up 3.60% daily, this movement signals the potential for a significant bullish breakout.
The current chart formation bears a striking similarity to the structure seen months ago, which preceded a substantial rally. Analysts interpret this pattern recurrence as suggesting a possible upside target near $5,000 should Ethereum breach the $4,000 level decisively.
Market observers, including active trader @TedPillows, highlight that Ethereum appears poised for a breakthrough. Pillows noted that the asset is effectively ‘just one bullish candle away’ from the kind of key breakout that triggered aggressive upward moves in the past.
A successful push above $4,000 is anticipated to potentially ignite a strong fear-of-missing-out (FOMO) effect among investors. This influx of capital could fuel momentum across Ethereum itself and extend powerfully into the broader altcoin market.
Such a breakout would represent a major shift in market dynamics. Clearing the $4,000 hurdle is viewed by technical analysts as potentially unlocking the pathway for Ethereum’s ascent toward the $5,000 price territory.