Ethereum Poised to Surge Past $4,000 on Technical Breakout
Ethereum has rallied over 60% from its June low, surging past $3,425 on July 17 after the US House advanced the Crypto Genius Act, the Clarity Act and the Anti-CBDC Act. On-chain adoption hit record highs, with 152 million non-empty wallets, and ETH discussions account for 13.4% of crypto chatter. Technically, Ethereum broke an inverted head-and-shoulders neckline at $2,870 and invalidated an ascending wedge resistance at $3,000. Crypto analyst Kaleo predicts a “god candle” breakout could drive ETH above $4,000 in days, targeting the low $4,000s with key resistance at $3,344 (0.618 Fib). Market optimism, bolstered by Bitcoin’s rally and Founders Fund’s stake in Bitmine Immersion Technologies, adds momentum. Traders should watch for sustained support above $3,000 and manage risk as RSI signals overbought conditions and potential short-term pullback.
Bullish
This news is bullish for Ethereum. Regulatory progress in the US House and record on-chain adoption have underpinned ETH’s rally above key resistance, while technical breakouts—through the inverted head-and-shoulders neckline and ascending wedge—signal further upside. Analyst forecasts of a rapid ‘god candle’ pushing ETH above $4,000 enhance short-term momentum, and institutional flows such as Founders Fund’s ether treasury build longer-term support. Traders can expect increased volatility but a prevailing uptrend, using $3,000 as a critical support. Overall, the combined regulatory, technical, and institutional catalysts point to continued bullish pressure on Ethereum in both the near and medium term.