Ethereum

Boost

Arbitrum

<ul>
 <li>Ethereum is at critical resistance; a breakout could trigger a significant rally.</li>
 <li>The dormant ETH address was reactivated, causing market speculation.</li>
</ul>
Ethereum has been one of the most talked-about cryptocurrencies this year, especially with its roller-coaster performance and the recent <a href="https://thenewscrypto.com/fidelity-investments-secures-revenue-sharing-deals-with-etf-managers/" target="_blank" rel="noopener noreferrer nofollow">ETF</a> approval green light. Starting the year trading at $2,352, Ethereum saw a significant rise to $4,093 in March, a level not reached since 2021. However, by May 1, the price had fallen to $2,817 before rebounding to $3,949 in mid-May. Three days ago, Ethereum dipped to $3,600, struggling to surpass $3,800. Currently, it is trading at $3,683 with a mod 0.05% surge, and the trading volume has increased by 0.07%.
Over the past week, Ethereum is down 3.45%, but it has seen a 26% increase over the past month. Analysts suggest that <a href="https://thenewscrypto.com/ethereum-eth-price-displays-bullish-momentum-as-bitcoin-holds-above-71000/" target="_blank" rel="noopener noreferrer nofollow">ETH</a> is at a crucial resistance level, and a breakout above this level could result in a significant rally in the coming weeks or months. Additionally, Ethereum is currently facing buying pressure.
Adding to the market dynamics, two days ago, a dormant Ethereum address, inactive for nearly nine years, was reactivated, revealing holdings worth approximately $21.9 million. This event, coupled with another significant Ethereum transaction in <a href="https://thenewscrypto.com/crypto-market-highlights-in-may-2024-recounted/" target="_blank" rel="noopener noreferrer nofollow">May</a> involving dormant addresses, has led to speculation among market watchers about the potential impact on Ethereum’s price if these large sums enter circulation.
<h3 class="wp-block-heading" id="h-when-will-eth-hit-4k">When Will ETH Hit $4K?</h3>
The daily chart reveals a <a href="https://in.tradingview.com/chart/EJXIwxE9/?symbol=BINANCE%3AETHUSDT" target="_blank" rel="noopener noreferrer nofollow">bearish</a> trend for Ethereum, with the 9-day EMA at $3,730. The daily RSI stands at 53, indicating a neutral situation.
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXc898B_FtCHPORRD-UWzph2B7XUHtKYSg5aONVEcfYm_OEuwyVWEx6vWQ6reuVVCZBnk8xOOwosPe9vFfMgwiYtHc8eRgCn6e0Pz2g2qVdErjJl_ZCNBxGxBeknyjoydYjorIFef4E1Ez-032tsWIaYU4sE?key=IMl5EGQcoOqddr7zZ6nUnw" alt="">
 <figcaption class="wp-element-caption">
 ETH Price Chart, Source: TradingView
 </figcaption>
 </figure>
</div>
If ETH bulls maintain their momentum, the price might reach $3,927, with the next target at $4,035. However, if the bears regain control, the price could drop to $3,604, with a lower support level at $3,503.
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Should Ethereum Traders Be Prepared for an Imminent Breakout?

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