As the crypto market begins to recover, Ethereum is aiming for a breakout rally to surpass the $4,000 psychological resistance level and start a new bull run. While Bitcoin also pushes past a resistance level, Ethereum has seen a 1.89% increase over the past 24 hours, approaching the crucial $3,200 resistance. However, institutional support for Ethereum seems to be struggling, as Ethereum ETFs recorded outflows, with Grayscale and Bitwise selling off Ethereum. Nevertheless, BlackRock and Fidelity bought Ethereum, indicating some institutional interest. Ethereum's price action shows a struggle to gain bullish momentum but a recent double-bottom reversal and a broader market recovery suggest significant upside potential. Technical indicators signal a potential buying opportunity, with the short-term reversal and bullish engulfing candle pushing Ethereum past the midline of the Bollinger Bands. Fibonacci retracement levels indicate key resistance at $3,271, with multiple resistance levels to overcome. However, if the market recovery continues, Ethereum could follow a trajectory similar to its 2021 bull run, potentially reaching $4,071, $4,361, and $4,725. On-chain data for Ethereum suggests a potential correction, with Ethereum's MVRV data indicating a possible downside of 40%. Despite this, a rebound is possible if institutional support returns and the broader market recovery continues.



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