Institutions poured $1.39B into Ethereum ETFs this week, marking 11 weeks of inflows.
Ethereum, the second-largest cryptocurrency with a market cap of $453 billion, has been testing a strong resistance level again and again, and it might finally be ready to break through. Meanwhile, crypto analyst Michael van de Poppe believes that Ethereum could soon hit $4,000, especially if Bitcoin continues climbing toward $120,000.
So, is Ethereum getting ready for its next big rally, for the first time in over a year?
Crypto analyst Michael van de Poppe expected Ethereum to drop before a big move, but that didn’t happen. Instead, ETH kept climbing and has now tested the $3,750-$3,800 zone four times, a sign that buyers are getting stronger.
Van de Poppe’s chart hints that ETH might dip toward $3,250 if it shakes out some long positions first. But even if that happens, the overall trend still looks bullish.
However, Ethereum is already up 138% from its yearly low and is showing strong patterns like an inverse head-and-shoulders and a bullish pennant. These often appear before big price rallies.
If ETH breaks above $3,800 with good volume, it could quickly shoot toward $4,000, much sooner than many expect.
Further, Michael believes Ethereum’s next big move is closely tied to Bitcoin. If Bitcoin can successfully rally toward $120,000, a target that’s gaining popularity, it could act like a spark that lights the altcoin market.
In that case, Ethereum could easily shoot past $4,000, and many altcoins might follow with double-digit gains.
On top of it, Ethereum’s growing interest from institutional investors has given a push to its price. According to SoSoValue, Ethereum ETFs saw over $1.39 billion in inflows this week.
While that’s lower than last week’s $2.18 billion, it’s still the 11th week in a row that institutions have been buying in.
This steady demand shows that big money still believes Ethereum has more room to run.
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