According to MerlijnTrader, a top altcoin trader, the Ethereum price currently trades next to the final boss, the $4,000 level. The analyst noted that the Ethereum price has failed to flip the level into support 7x in the past three years.
All attempts have been met with high selling pressure. The highest the Ethereum price has climbed in the past year is $4,106. MerlijnTrader thinks that $10,000 is the next target in case the Ethereum price flips this zone.
CryptoGoos is another analyst who believes the $4,000 level is the only barrier on Ethereum’s way. He forecasts that the Ethereum price may soar to $8,000 if it breaks past the region.
Currently, the Ethereum price trades along the $3,700-$3,900 range. Per CoinMarketCap, the altcoin price has plummeted by 4.2% on the weekly chart. Whale accumulation from institutional giants like SharpLink and BitMine has kept the Ethereum price relatively stable.
Technically, the Ethereum price is under mixed sentiment. Although the negative MACD is an indication of a bearish divergence, the RSI points to a possible rally.