Ethereum Price Eyes $4,000 as Accumulation Signals Strength

Ethereum price rose by around 1.5% today, briefly moving above the key psychological resistance level of $3,000. Although ETH is still technically within a broader bear market structure, growing signs of accumulation and improving technical indicators have fueled optimism among analysts who believe further upside is possible in the near term.

According to popular crypto analyst Cas Abbe, Ethereum could rally toward the $4,000 level, representing a potential upside of about 35% from current prices. In a recent post on X, he highlighted the daily chart structure, noting that ETH remains above a long-standing ascending trendline connecting the major swing lows from June, November, and December. This trendline has been respected since May, suggesting that Ethereum may be preparing for another upward move rather than a deeper breakdown.

Technical indicators also support this cautiously bullish Ethereum price forecast. The chart shows a developing bullish divergence, a pattern that often appears near trend reversals. While price action made lower lows, momentum indicators such as the Relative Strength Index and the MACD have formed higher lows. The MACD is climbing and approaching the zero line, while the RSI is attempting to move above the neutral 50 level, both of which point to strengthening momentum.

Still, downside risks remain. A clear break below the ascending trendline would invalidate the bullish scenario and could trigger further selling pressure, potentially sending Ethereum price toward the next major support near $2,500.

On the fundamental side, accumulation by large holders continues to provide a strong tailwind. BitMine has reportedly added more than 384,000 ETH over the past 30 days, bringing its total holdings above 4.1 million coins, valued at over $12 billion. Long-term Ethereum holders are also increasing their exposure, with wallets holding more than 1,000 ETH now controlling roughly 70% of the total supply after accumulating around 120,000 coins since late December.

Additionally, sentiment around Ethereum ETFs is improving, as recent inflows of about $58 million signal fading outflows and renewed investor confidence. Together, these factors suggest Ethereum may have room to climb despite broader market uncertainty.