Ethereum's cost will continue to top $5,000 provided it maintains its current position.
Ethereum, the second-largest cryptocurrency by market capitalisation, has been consolidating within a wide range, testing its bullish momentum. According to market experts, the digital asset has a critical support level at $4,400, and this level must hold for Ethereum to rise above $5,000.
A market expert, whose identity was not specified in the provided information, highlighted the $4,400 level as a key support for Ethereum. This zone, around the 200-day Moving Average (MA) on the 4-hour chart, has been acting as a buffer for the cryptocurrency. If Ethereum can hold above this level, it remains on track to surpass $5,000.
The 200 MA and 200 EMA on the 4-hour chart are acting as underlying support for Ethereum, providing a sense of stability amid the choppy price action. ETH's dips below $4,500 have so far been short-lived, with the price consistently bouncing back into the consolidation range.
The recent rebound of Ethereum can be attributed to its strong support at $4,400. Several stop hints and liquidity grabs have created false moves on both the bullish and bearish side, but the digital asset has managed to hold its ground.
Analysts anticipate Ethereum's next big breakout, with some, like Daan Crypto Trades, reinforcing a bullish view. Daan Crypto Trades' chart shows Ethereum oscillating between $4,100 and $4,800, essentially putting Ethereum in a "$5,000 waiting room."
Bitmine Immersion Technologies, Inc. (BMNR) has been steadily adding to its positions in Ethereum, though at a slightly lower pace as Net Asset Value (NAV) flows ease. This indicates institutional interest in the cryptocurrency, which could potentially drive its price higher.
If the momentum continues, Ethereum retesting its former all-time high of $4,868 and breaking above $5,000 may only be a matter of time. However, it's important to note that the cryptocurrency market is volatile and unpredictable, and any predictions should be taken with a grain of salt.
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