Ethereum Breaks $4,000, All-Time High Unavoidable?

The Ethereum rally continues and seems to be moving into FOMO levels. At press time, the second crypto by market cap has blasted through the major resistance at $4,000 and moves fast into price discovery. Related Reading | Ethereum Looks Set To Explode As 400,000 ETH Exits Coinbase Ethereum records 4% and 14% in the daily and weekly charts, respectively. The euphoria in the market seems to be driven by the launch of a Bitcoin-linked ETF in the U.S. The market has positively responded to this event and has allowed Ethereum and Bitcoin’s price to surge with a spike in institutional demand, as several experts have pointed out. Unlike some predictions, the ETF event doesn’t seem to be operating as a “Buy the rumor, sell the news” or a trigger for another capitulation event. In lower timeframes, Ethereum must hold above current levels to turn $4,000 into support and allow the rally to follow through in case of potential downside risk. As pointed out by pseudonym analyst John Wick, Ethereum entered a “volatility squeeze shading” with a bullish trend, as indicated in the image below. The analyst added: Squeeze shadings precede violent moves that are often the start of new trends. Green bars say probability to the upside! In that sense, losing the $3,000 area could signal a potential trend reversal to the downside. However, the second cryptocurrency by market cap could make a 5x profit from here. Related Reading | Ethereum S...