TLDR
- Ethereum price broke above $4,000 after 1,146 days of consolidation and currently trades at $4,520
- Technical analysis projects a target of $7,331 based on Fibonacci extension patterns
- Grayscale launched the first U.S. spot staking ETPs for Ethereum
- BitMine purchased $820 million worth of ETH, showing institutional interest
- Immediate resistance levels sit at $4,750 with support holding at $4,550
Ethereum price has completed a multi-year consolidation phase. The cryptocurrency broke through the $4,000 resistance level and is currently trading at $4,520.
The breakout occurred after 1,146 days of price consolidation. Crypto analyst Mags explained that Ethereum faced three rejections at $4,000 before finally breaking through on the fourth attempt.
Price action shows declining selling pressure. The $4,000 level has now converted from resistance to support, providing a technical foundation for continued gains.
A recent dip to $3,800 was quickly reversed. The V-shaped recovery demonstrated strong buying demand at lower price levels.
Technical Analysis Points to $7,331 Target
Ethereum price is trading above its 100-hourly Simple Moving Average. A bullish trend line has formed with support at the $4,550 level.
Technical analysts are watching the 1.618 Fibonacci extension. This measurement points to a potential target of $7,331 for Ethereum price.
The cryptocurrency recently touched $4,759 before pulling back. Immediate resistance levels are located at $4,720 and $4,750.
A break above $4,750 could open the path toward $4,780 and $4,840. Further gains could push Ethereum price toward $4,880 and $4,920 in the near term.
CoinGape previously projected Ethereum could reach $8,600. This forecast is based on a 125% measured move consistent with historical price patterns.
Initial support on the downside sits at $4,615. Major support is located at $4,550, which aligns with the current bullish trend line.
Grayscale Staking ETPs and Institutional Buying
Grayscale received approval for spot staking ETPs. The Grayscale Ethereum Mini Trust ETF and Ethereum Trust ETF became the first U.S.-listed products offering staking rewards.
The approval opens new opportunities for institutional investors. Regulated staking products allow exposure to Ethereum while earning yield.
Grayscale’s Solana Trust plans to add staking features. This move is pending ETP uplisting approval and shows expanding institutional adoption.
BitMine made a major Ethereum purchase. The firm, led by Tom Lee, acquired $820 million worth of ETH, reflecting institutional confidence.
The timing of the ETP launch aligns with Ethereum’s technical breakout. This combination has strengthened overall market sentiment for ETH.
Ethereum price is consolidating near $4,650. The 100-hourly Simple Moving Average provides technical support for the current price level.
The MACD indicator shows gaining momentum in the bullish zone. The RSI is trading above the 50 level, indicating positive momentum.
If Ethereum price fails to clear $4,750, a pullback could occur. The first support zone sits at $4,550, followed by $4,500 and $4,420.
Grayscale’s Solana Trust will add staking pending approval. This development shows institutional products expanding across multiple blockchain networks.
BitMine’s $820 million purchase occurred following the ETP developments. The institutional buy reinforces confidence in Ethereum’s long-term outlook.
