Democratizing TV Ratings: Govt's Proposal to Enhance Transparency and Credibility of OTT Audience Measurement

Ethereum has broken through significant resistance levels and is now above $3,700, with the road to $5,000 appearing clear. The current rally is driven by strong market sentiment and technical structure, with the only remaining resistance at $4,000. Despite being overbought, the RSI can endure during strong uptrends, and Ethereum is significantly above its moving averages, which have historically been supportive of long rallies. If Ethereum breaks through $4,000 with volume, $5,000 is likely to be reached in weeks rather than months.

Ethereum (ETH) has recently made significant strides, breaking through key resistance levels and now trading above $3,700. The current rally is driven by strong market sentiment and a robust technical structure, with the only remaining resistance at $4,000. Despite being overbought, the Relative Strength Index (RSI) can sustain during strong uptrends, and Ethereum is significantly above its moving averages, which have historically supported long rallies [1].

The recent surge in Ethereum's price is attributed to several factors. Firstly, Ethereum has been experiencing increased liquidation of short positions, which has led to a significant price increase. Over $136 million in Ethereum short positions were liquidated, contributing to the upward momentum [2]. Additionally, the options market shows strong demand for call options with a strike price of $4,000, indicating a bullish outlook among sophisticated traders [2].

Moreover, the anticipation of spot Crypto ETF approvals has fueled Ethereum's ascent. Regulatory progress, particularly from the U.S. Securities and Exchange Commission (SEC), has boosted hopes for a spot Ethereum ETF, which could attract massive inflows from institutional capital [2].

Technical indicators suggest that Ethereum could continue its upward trajectory. If Ethereum breaks through $4,000 with substantial volume, reaching $5,000 in weeks rather than months is likely. The road to $5,000 appears clear, with Ethereum significantly above its moving averages and the RSI enduring the overbought condition [1].

Investors should closely monitor Ethereum's price action and technical indicators to make informed decisions. The next major resistance points are often identified around previous all-time highs and significant psychological barriers. On-chain metrics, such as network activity and transaction volume, also play a crucial role in Ethereum's future price prediction [2].

References:
[1] https://99bitcoins.com/news/presales/eth-price-hits-3700-as-it-kicks-off-alt-season-best-new-crypto-to-buy-before-everything-explodes/
[2] https://bitcoinworld.co.in/ethereum-price-surge-options/