The world’s second-largest crypto is raising with huge strength, gaining more than 8% in the past 24 hours. After a notable consolidation, the asset is yet again slowly marching aiming to form new highs very soon. Currently, a strong buying sentiment is building around ETH price and further breakouts are likely to happen.
After recording the consecutive third bullish monthly close, the asset is heading towards the new highs. Interestingly, the short-term, mid-term, and long-term trends all indicate a huge bullish rally awaiting ahead. Currently, ETH shows a strong bullish candlestick inverted hammer with support placed at $4040.
The asset is rallying hard and may hit the current ATH anytime from now. However, on the other hand, the asset may experience a slight pullback and test the local resistance of $4689. A rebound is expected at this stage. If failed to flip, it may test the lower support levels at $4555 again. However, the downtrend appears to be unlikely as the ETH price appears to be poised to hit $5000 at the earliest.
On the other hand, the Ethereum whales are accumulating the asset at every dip. According to the analytic platform Santiment, a mega-whale address holding ETH above $100K has accumulated 676K ETH more in the past 12 days. This indicates the confidence of the holders over the platform.
Collectively, Ethereum is just a 2% pump away from its ATH and hence the $5000 target also appears pretty clear. However, the final resistance zone just above $4800 is the final level to test and post to which the assert will discover new highs.