Ethereum is approaching a crucial support level at $3,369, attracting significant buyer interest despite its current trading price of $3,590.60 – a 3.51% dip from recent peaks. Analysts highlight strong institutional backing and ETF activities reinforcing market confidence.
Technical parallels are drawn with Ethereum’s 2016 pattern, where consolidation between $8-$20 preceded a 2,000% surge. Current sideways movement between $2,000-$4,000 suggests potential for a major bull run, mirroring this historic breakout.
Enhanced institutional participation compared to 2016 heightens upside prospects. Sustained defense of the $3,369 support could propel Ethereum beyond the $4,000 resistance threshold, leveraging institutional ETFs and Wall Street involvement.