ETH To $5000 By This Weekend? Elliott Wave 5 Targets $5,013 As Shorts Get Wrecked
Main Idea
Ethereum (ETH) is poised to potentially break above $5,000 this weekend, driven by strong market indicators, institutional buying, and technical analysis.
Key Points
1. ETH is trading at $4,680, just 2% below its all-time high, with market participants anticipating a break above $5,000 soon.
2. The SMA30 indicator shows a daily outflow of 40,000 ETH, suggesting strong bullish control and accumulation by institutional investors.
3. ETFs and treasury companies have significantly increased ETH purchases, with $1 billion bought recently and $27 billion worth of ETH prepared for acquisition.
4. Technical analysis, including the Elliott Wave 5 pattern, projects a target of $5,013, with resistance extending to $5,216.
5. Crypto investors like LordofAlts and TedPillows predict ETH could reach $5,000 this weekend and $10,000 by the cycle peak, citing breakout patterns and market momentum.
Description
Ethereum is looking ready to break above $5,000 after surging more than 200% from its $1,385 low recorded four months ago. At the time of writing, ETH is trading at $4,680 after touching $4,715. It currently sits merely 2% below its 2021 peak. Market participants anticipate a break above $5,000 this weekend, particularly as the key SMA30 (30-day Simple Moving Average) indicator has shown considerable strength in recent weeks. SMA30 Reveals 40,000 Daily ETH Outflows Keep Bulls in Control Data fro...
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