Ethereum Experiences 4.6% Price Gain, Approaches $4,000 Resistance

Ethereum (ETH) rose over 4.6% in one day to peak at $2,634, with a total monthly gain of 61.92%. The altcoin is approaching a critical resistance level at $4,000, which could confirm or negate the current uptrend.

Key Points

ETH has increased from $1,400 to above $2,600 in recent weeks.
$4,000 is a significant resistance level based on historical data and price patterns.
Previous rejections occurred at $4,000 in 2024, despite market upswings.
A breakthrough above $4,000 could lead to bullish targets as high as $12,000.
Failure to surpass this level may result in a price correction towards $1,700.

Institutional Interest Grows

Institutional interest in ETH remains strong. Abraxas Capital has accumulated 257,165 ETH, valued at $655 million. This accumulation reflects significant demand from traditional financial institutions. Currently, ETH trades at $2,490, showing a 6.95% increase in the past week.