ETH Targets $5,000 as Technical Breakouts and Institutional Demand Build Momentum

Ethereum is showing signs of building strength in its long-term technical structure, according to analyst Crypto Patel. After several failed attempts, ETH has reclaimed its descending trendline and is now consolidating above it.

The upside targets identified by Crypto Patel are $2,400, $3,000, $3,600, $4,200, and $5,000, with the final target potentially pushing ETH toward a new all-time high. He noted that breakouts typically follow periods of accumulation.

Another bullish signal came from the MVRV Momentum golden cross, according to Ali Martinez. The analyst said that a move toward $3,000 could be on the cards after the altcoin broke above the MVRV level near $1,800.