Ethereum (ETH) continues its upward trend, breaking through short-term resistance. Rising 3.5% over the past three days, Ethereum is approaching $4,500 (approximately 62.55 million won), signaling a bullish trend. This rally gained momentum after the price absorbed liquidity at the $4,200 (approximately 58.38 million won) level on Monday.
This rise is particularly noteworthy because it was driven by spot buying demand rather than futures trading. Even as prices rose, position increases on futures exchanges remained minimal, suggesting a buying trend driven by long-term investors. The continued buying is interpreted as a market signal of strong upside expectations rather than profit-taking.
On the technical side, positive signals were also detected. Following the breakout of the falling wedge pattern that had formed for approximately two weeks, a bullish divergence emerged between Ethereum's real yield and the Relative Strength Index (RSI) on the 4-hour chart. Such a structure is typically interpreted as a signal reinforcing the likelihood of a sustained uptrend.
However, experts advise a cautious approach. They believe it's still too early to declare the market has entered a bullish trend. Technical analysts point out that a daily closing price above $4,500 is crucial. If this level isn't fully broken, short-term strength could face resistance and trigger a reversal.
If Ethereum breaks through this crucial resistance level, its next target is likely to be around the all-time high of $4,800 (approximately 66.72 million won). Ethereum's momentum could further strengthen depending on the policy directions of central banks around the world and the movements of Bitcoin (BTC).
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