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.
