Ethereum News Today: Ethereum surges 251% on long-term breakout targets $4,811 before $8,550 push

Ethereum has shown a strong bullish trend following a significant breakout from a long-term resistance level, with the price surging over 251% since the move began [1]. This rally has brought the cryptocurrency closer to a key price target of $4,811, which is just 14% above its current level [1]. Analysts suggest that if Ethereum can push past this level with strong volume, it could open the door to a much higher price range, potentially reaching $8,550 or beyond [1]. The price structure remains in an upward trajectory, with higher highs and higher lows consistently forming since the breakout [1].

The $4,811 level is considered a critical technical milestone that could shape the next major move for Ethereum. If bulls successfully push above this level, it would be seen as a strong signal of continued bullish momentum and institutional confidence in the asset [1]. Market sentiment remains positive, driven by increased adoption of Ethereum-based applications, rising staking participation, and a growing interest from institutional investors [1].

Several factors have contributed to Ethereum’s recent strength, including the revival of decentralized finance (DeFi) and non-fungible token (NFT) activity on the Ethereum network, which has boosted demand for ETH [1]. Additionally, the transition to a proof-of-stake consensus mechanism has led to increased staking, effectively reducing the circulating supply and supporting price appreciation [1]. Institutional demand has also played a key role, with large investors continuing to add Ethereum to their portfolios, recognizing it as a fundamental smart contract platform [1].

According to trader JAVONMARKS, Ethereum is on track to hit its $4,811 target and could see a 14% increase to reach that level [1]. A break above that target could signal the start of a new bullish phase, with $8,550+ potentially in play [1]. If these trends continue, Ethereum may not just hit these price levels—it could set new all-time highs in the months ahead [1].

Source: [1] Ethereum Price Breakout Targets $4,811 Before $8,550 Push (https://coinmarketcap.com/community/articles/689786ba9e5587463331c20c/)