Ethereum Reached a Critical Price Threshold Before 5,000 Dollars

Recently, the price of Ethereum (ETH) has shown a remarkable rise due to strong trading volumes. Expert analyst Michaël van de Poppe noted that Ethereum is trending towards a new record level above $5,000. Closing the week at $3,822 with a %1.5 increase, Ethereum particularly attracted attention with strong buying pressure.

During the last seven days, there was a %19 increase in trading volume on average, while Ethereum fluctuated between $3,771 and $3,887 throughout the day. However, the rejection faced in the $3,860–$3,880 range caused it to finish the day within a narrow range. According to CoinDesk Research data, there was an increase during the day supported by buyers, but it faced selling pressure at the $3,880 resistance.

Michaël van de Poppe emphasized in his social media post that Ethereum is still one of the strongest ecosystems to invest in, pointing out that developer activities, product diversity, and network effects make Ethereum unique in the long term. The analyst suggested that price movements could be a precursor to a new all-time high.

In his technical analysis, Poppe stated that the$3,880 level is a critical threshold in the short term, and closures above this level could provide an opportunity to retest the $3,887 peak. According to analysts, sustaining above this region could lead to targeting the $4,000 level. In terms of support, the $3,680–$3,720 band stands out as an important point, and falling below this level could result in increased selling pressure in the short term.

Again, CoinDesk data showed that buyers are stepping in during declines, but sellers remain strong in the $3,860–$3,880 band. While the trading volume of Ethereum remained above an average of %19 in the past week, the 446,000 transactions volume seen at 02:00 indicates a strong upward trend. A pullback of 1.3 with a volume of 21,000 towards the close shows that supply has concentrated in the resistance area. At this stage, the $3,730–$3,880 region should be observed as an important decision band that will determine the direction of Ethereum.