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Ethereum (ETH) at a Crossroads: Another Rejection or This Time It Will Be Different?

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The cryptocurrency market witnessed a solid rebound over the past 24 hours, with Ethereum (ETH) briefly rising to almost $2,400 before it was stopped after reports that Iran had hit a US Navy vessel.

However, the bears intercepted the move, and the asset headed south in the last few hours, while some analysts suggest a further pullback could be on the way.

What’s Next?

As of this writing, ETH trades at around $2,350, posting a 1% daily increase. The renowned analyst Ali Martinez noted that earlier today (May 4), the price reached the top of a certain channel at $2,375, describing it as a “major area of resistance to watch.”

He reminded that on previous occasions, this level has been followed by a rejection, sending ETH back to the bottom of the formation for support.

“Failure to clear this barrier could trigger a retracement to the channel’s lower boundary, currently near $2,210,” Martinez assumed.

Nonetheless, he presented an optimistic scenario as well. In his view, if ETH gains the strength to print a daily close above $2,375, this could result in a 7% pump to the next structural high at $2,550.

CRYPTOWZRD and CryptoMark also touched upon the matter. The former suggested that a breakout beyond $2,400 could offer a “better long location,” outlining $2,270 as support.

The latter claimed that ETH has just finished coiling into a “perfect Cup and Handle formation.” They believe the price is “just a few points away” from testing a breakout that could send the valuation straight to $2,850, or the highest since January this year.

The Whales and More

Large investors have been quite active lately, reinforcing the possibility of further gains for ETH in the near future. As CryptoPotato reported, whales purchased 140,000 units (worth almost $330 million) in the span of just four days.

Such accumulation is typically seen as a bullish factor because it reduces immediate selling pressure, reflects strong conviction among big players, and could encourage retail investors to hop on the bandwagon.

The spot ETH ETFs are also worth observing. These products attracted over $350 million in April, finally breaking the five-month negative streak. Moreover, May started with a massive inflow candle, and we have yet to see whether the institutional interest will remain high in the next four weeks.

It is important to note that the current month has historically been a strong period for the second-largest cryptocurrency, with only three red finishes on record. However, two of those occurred during the bear markets of 2018 and 2022, putting ETH at a crossroads again.

ETH Monthly Returns
ETH Monthly Returns, Source: CoinGlass

Pos Ethereum (ETH) at a Crossroads: Another Rejection or This Time It Will Be Different? muncul pertama kali di CryptoPotato.

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