ETH Skyrockets Past $4K: Will It Moon or Go Splat? 🚀💸

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Well, I say, old bean, Ethereum (ETH) has absolutely dashed past the $4,000 mark, what? For the first time in what feels like a jolly long while, it’s hit a staggering $4,237 intraday high. Dash it all, that’s the sort of performance we haven’t seen since the halcyon days of December 2021. The crypto chaps are all a-flutter, what with the bullish momentum making a comeback like a forgotten uncle at Christmas. 🥳

Institutional Chaps and ETFs: The Real MVPs 🎩💼

Now, what’s behind this jolly good show? Why, it’s the institutional types, of course, pouring their dosh into Ethereum Exchange-Traded Funds (ETFs) like there’s no tomorrow. Since July, these ETFs have gobbled up a cool $1.99 billion in net inflows. BlackRock’s ETHA ETF, the old sport, managed to snag $727 million in a single day-not too shabby, eh? Meanwhile, ETH reserves on centralized exchanges have dwindled to a mere 12.3 million, the lowest since 2018. Seems the chaps are holding tight, no selling pressure in sight. 🤑

And it’s not just the bigwigs; even the smaller publicly traded companies are getting in on the act, holding nearly 1 million ETH (worth a tidy $3.5 billion). Up from a paltry 116,000 ETH at the end of 2024, mind you. Then there’s the short squeeze, which gave the bears a proper walloping. Over $183 million in short positions liquidated as ETH marched toward $4,200. Serves ‘em right for being bearish, what? 🐻🔥

Technical Breakout: $5,000 in the Offing? 📈✨

  • Ethereum’s broken out of a multi-year ascending triangle, old chap. The measured move from the pattern’s height (~$1,600) points to a jolly $6,000-$6,200 target if the momentum keeps up. Fingers crossed, what? 🤞
  • Price is now knocking on $4,425’s door, with the 2021 all-time high of $4,820 just a stone’s throw away. A weekly close above $4,820 could send ETH rocketing toward $5,500, with $6,000 in the crosshairs if the bulls keep charging. 🚀
  • The old breakout level around $4,000-$4,050 is now the critical support. A healthy pullback holding above this zone could be the launchpad for another leg up. Steady as she goes, eh? 🛫
  • The weekly RSI is sitting pretty at 69.6, indicating strong bullish momentum but flirting with overbought territory. If it climbs into the 75-80 zone, ETH could see another sharp move toward $5,500+. But keep an eye out for bearish divergence, old sport. 🐻📉
  • A rising trendline from 2020, now near $3,200, is still propping up Ethereum’s macro bullish structure. As long as ETH stays above this line, the uptrend’s as solid as a rock, supporting the potential for a $6,000+ target in the coming cycle. 🪨

If ETH fails to hold above $4,000, we might see a pullback toward $3,800 before the next attempt at an upside breakout. But if the momentum holds, Ethereum could well be pushing toward multi-year highs. Dash it all, what a time to be alive! 🌕✨

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2025-08-09 16:40