Ethereum technical analysis points to potential $5,000 target as institutional interest grows
Crypto analyst Jelle has projected Ethereum could reach $5,000 by March.
The analyst cited a long-term technical pattern and reported institutional accumulation. The forecast comes as ETH maintains a 51.9% gain over the past year.
Price data shows Ethereum has posted gains of 2.4% over the past week, though experiencing a 1.9% decline in the last 24 hours. The asset’s 30-day performance indicates a modest 0.4% decrease, suggesting consolidation before a potential breakout.
In a recent market analysis, Jelle highlighted a bullish pennant formation that has developed over nearly four years. This technical structure, visible by converging trendlines following a strong upward movement, typically precedes major price advances when validated by increased buying activity.
Market observers note that wallets reportedly linked to Trump’s circle have been accumulating Ethereum, coinciding with broader discussions about government cryptocurrency stockpiling. This institutional interest adds fundamental support to the technical analysis.
The cryptocurrency’s price action shows resilience in maintaining yearly gains despite recent market volatility. While short-term movements show some uncertainty with the 24-hour decline, the longer-term uptrend remains intact as seen by the substantial yearly performance.
Technical analysts point to the completion of local low sweeps as another bullish indicator. This suggests the market has cleared out weaker positions before a potential upward move.
However, ETH is still down by over 31% since its all-time high that was touched in November 2021. While BTC has managed to breach its ATH multiple times recently, ETH has yet to showcase such strength.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Meta Eyes Stablecoin Payments After Crypto Hiatus
Meta plans to integrate stablecoin payments into its apps, marking a return to crypto after three years.Why Meta Is Betting on Stablecoins

Best New Meme Coins to Invest in Now: Troller Cat Set to Jump 20% as Notcoin Holds Ground and Degen Surges
Troller Cat presale surges with ROI projections, while Notcoin and Degen trend in meme coin circles. Learn why these are the best new meme coins to invest in now..Unlocking Massive 69% APY Staking Rewards–Why Troller Cat Is One of the Best New Meme Coins to Invest in NowTelegram’s Favorite Token? Notcoin Climbs as Volume Jumps 13.5%$DEGEN Rally Accelerates With 76% Spike in Daily Trading Activity

DOODUSDT now launched for futures trading and trading bots
Ethereum Foundation allocates $32 million to expand education and tools in the ecosystem
Trending news
MoreCrypto prices
More








