Ethereum has seen a recovery from the $4,500 support level, with one analyst outlining four potential scenarios, including a potential surge to $5,000. The U.S. spot Ethereum ETFs have experienced significant inflows of $3.71 billion in just eight days, with BlackRock’s fund leading the way with $519.7 million. Additionally, exchange reserves for Ethereum have dropped to 18.5 million ETH, the lowest in three years, indicating a tighter market supply. Currently trading near $4,650, Ethereum has shown a 19% gain over the past week, with a 2% decline in the last 24 hours. Analyst Lennaert Snyder has identified key levels for Ethereum, with immediate resistance around $4,780 and support at $4,490. Breaking above $4,780 could pave the way for a move towards the $5,000 target, while a drop below $4,490 might test lower support zones between $4,320 and $4,380. In terms of potential price movements, a break and hold above $4,780 could signal further gains for Ethereum toward $5,000. Conversely, a rejection at $4,780 may lead to a retest of $4,490, potentially triggering another upward push. If the price falls below $4,490, attention could shift to the lower support zone, where long entries might be considered. The ETH market remains range-bound between $4,490 and $4,780, with short-term movement dependent on reclaiming the upper boundary or dropping towards support levels. On the institutional side, U.S. spot Ethereum ETFs have recorded substantial inflows, with BlackRock’s ETHA leading the way. Moreover, Ethereum reserves on exchanges have dwindled to 18.5 million ETH, the lowest in over three years, indicating a trend of tokens moving towards long-term holding or staking. Overall, Ethereum’s price action and institutional activity suggest a dynamic and potentially pivotal period ahead for the leading cryptocurrency.
Ethereum Analysis: Potential Scenarios for ETH’s Next Move Revealed
