Ethereum’s price chart suggests a potential surge to surpass $4K, reaching unprecedented record levels.

Ether’s price is poised for a potential breakout towards new all-time highs, according to a key technical chart formation. The price of Ether has surged by more than 27% in the past week, successfully turning key resistance levels into support. This rally has caused Ether to break out of its falling wedge chart pattern, indicating a potential reversal from its previous downward trend. A pseudonymous crypto trader, Jelle, believes that this breakout could lead to a rally to new all-time highs. The falling dominance of Bitcoin also suggests that traders are shifting their attention towards Ether, as the ETH/BTC pair has seen a bounce in recent days. Ether’s dominance has risen by 1.45% in the past 24 hours, while Bitcoin’s dominance has fallen by 0.57%. This further supports the notion of a potential rally in Ether’s price. The recent positive developments surrounding the first spot Ether exchange-traded funds (ETFs) have also contributed to Ether’s current price rally. The United States SEC’s decision to allow spot Ether ETFs has led to a surge in investor sentiment. Arthur Cheong, the founder and CEO of DeFiance Capital, predicts that Ether’s price could reach $4,500 before the first spot Ether ETFs start trading. However, Ether’s price faces significant resistance at the psychological mark of $4,000. A move above this level would result in the liquidation of over $433 million worth of leveraged short positions across all exchanges. To confirm sustained bullish momentum, Ether’s price needs to close above the $3,956 mark on a weekly basis. Overall, while there are positive indicators for Ether’s price, readers should conduct their own research and exercise caution when making investment decisions.