Crypto analysts find bullish signal: Ethereum focuses on $ 5k milestone

Ethereum (ETH) flashes technical patterns unseen since the last peak of the bullmarkt, which means that daring price forecasts of $ 5,000 are fueled among top analysts.

In the midst of a light weekly pullback, signs of underlying power have arisen, with increasing activity on chains and significant institutional purchases that set the stage for a potential large outbreak such as the key resistance levels crumble.

Technical cross currents and rising basic principles

The bullishness is mainly from emerging card formations, with analyst Titan of Crypto emphasize A developing “bull pennant” pattern and notes that a successful outbreak of ETH could propel to $ 5,000.

Market technician Jonathan Carter following this observed A “wider-wedge breakout” on the 3-day period, which sets even more ambitious goals at $ 5,500 and $ 6,850. Their optimism is supported by Ethereum’s relative representation of strength against Bitcoin (BTC), which is held above his Tenkan line, an important indicator of short-term momentum.

These technical signals have also come together with a significant growth of the network. Data on chains to show That Ethereum processed $ 238 billion in transaction volume in July, a monthly increase of 70% and the highest since December 2021. The records with 46.67 million transactions and 17.55 million active addresses.

Critical thresholds forward

Despite the bullish signals, Ethereum is still confronted with immediate technical obstacles and signs of exhaustion. As noted by Daan Crypto Trades, the current price action shows that ETH has been caught between crucial local support near $ 3,500 and resistance to $ 3,850. Breaking the latter is considered essential for the cryptocurrency to challenge its cycle heights.

This is in line with warnings that are shared in the latest ETH analysis of cryptopotato, which noticed potential exhaustion signals on lower timetables, despite the strong general upward trend.

The price of the asset seems to display this tension. At the time of writing, according to Coingecko, it traded at $ 3,721.28, after the last 30 days increased by 45.8%. However, it has confronted with some headwind in the short term, with 3.7% falling in the last seven days after rejection close to his high of a week of $ 3,862.

The confluence of bullish technical patterns, record -breaking use on the chain and growing institutional accumulation paints an intriguing image for the potential of Ethereum. However, the path to $ 5,000 hinges decisively when conquering the $ 3,850 to $ 4,100 resistance glove while a breakdown under $ 3,400 is avoided. As such, in the coming days could determine whether the bulls secure their outbreak or get a more long -term consolidation phase