Ethereum is showing signs of a price breakout, drawing comparisons to gold's historical performance. A recent analysis indicates that Ethereum is following a five-point structure reminiscent of gold's accumulation phase from 2019 to 2024. Currently, Ethereum is on the rise from a low near $1,600 and is approaching the resistance zone between $3,000 and $3,500, similar to gold's earlier breakout point.
According to technical analyst Crypto Eagles, Ethereum could reach between $5,000 and $6,000 in the coming months as it appears to be repeating the successful price patterns established in its previous cycles. This includes a consolidation range, a pronounced shakeout, a breakout above key resistance, and then a parabolic surge, akin to the substantial increase seen in 2017.
The potential for this bullish trend is further amplified by cooling interest in Solana and increasing institutional inflows into Ethereum-focused investment vehicles, which have seen significant capital commitments recently. In the week ending May 30, Ether-focused funds attracted over $321 million, marking the highest inflow across crypto assets. This renewed interest suggests a strengthening fundamental backdrop for Ethereum as it aims for new price highs, moving away from the crowded narratives around Solana and memecoins.
According to technical analyst Crypto Eagles, Ethereum could reach between $5,000 and $6,000 in the coming months as it appears to be repeating the successful price patterns established in its previous cycles. This includes a consolidation range, a pronounced shakeout, a breakout above key resistance, and then a parabolic surge, akin to the substantial increase seen in 2017.
The potential for this bullish trend is further amplified by cooling interest in Solana and increasing institutional inflows into Ethereum-focused investment vehicles, which have seen significant capital commitments recently. In the week ending May 30, Ether-focused funds attracted over $321 million, marking the highest inflow across crypto assets. This renewed interest suggests a strengthening fundamental backdrop for Ethereum as it aims for new price highs, moving away from the crowded narratives around Solana and memecoins.
