Ethereum Rallies 22% This Week, Eyes $5,000 Target
Ethereum price climbed 22% over the past week, briefly touching $4,300—the largest rally since November 2021. This surge is driven by strong retail sentiment and significant institutional buying. Data from Santiment shows bullish hashtags outpacing bearish mentions twofold, while EmberCN reports institutions and whales accumulated 1.035 million ETH ($4.17 billion) at an average price of $3,546. Technical indicators confirm the uptrend: ETH holds above the 1.618 Fibonacci extension at $4,193 and trades within an ascending channel supported by the 50-period SMA at $3,768. Key resistance levels lie at $4,391 and $4,533, with a $5,000 target in sight if volume continues. On-chain metrics highlight supply dynamics: total supply reached 121 million ETH, with 36.18 million staked, reducing liquid inflation. Bitcoin Hyper ($HYPER), a Bitcoin-native L2 on the Solana VM, has also raised over $8 million in presale at $0.0126 per token. Traders should watch for a short-term pullback to $4,088 or $3,972, but the overall trend remains bullish for long-term positions.
Bullish
The article outlines strong bullish drivers for Ethereum price: a 22% weekly surge, record retail enthusiasm, and $4.17 billion of institutional ETH accumulation. Technicals support continued upside, with Fibonacci extensions cleared and key resistances set at $4,391 and $4,533. Reduced circulating supply—121 million total with 36.18 million staked—limits overhead pressure. Historical parallels to prior rallies show sustained uptrends when whales accumulate and staking increases. While short-term pullbacks to $4,088 or $3,972 may occur due to overbought RSI, overall momentum and on‐chain fundamentals point to a bullish outlook, targeting $5,000 in the coming months.