Ethereum Price Faces Harsh Rejections in Push for ATH, Is $5,000 Next?

Ethereum price met strong resistance again this week, failing four times to break past a key trendline near $4,600. Traders are watching closely as analysts say a move above this level could set the stage for a run toward $5,000.

Ethereum Price and the Ongoing Resistance

Ethereum price has struggled to break through a descending line on its 12-hour ETH/USDT chart. This line connects the highs from about $4,900 in late August to $4,500 in early October. Each time the price reached the line, it turned down.

The same thing has now happened four times, indicating that the market still views it as a significant barrier. An early Ethereum holder recently sent 4,500 ETH, worth about $20.4 million, to the Kraken exchange.

Over the past four months, the same wallet has transferred approximately $23.4 million to various exchanges, following two years of inactivity. Even after these transfers, the wallet still holds around $13.8 million in ETH.

Ethereum reached an intraday high of $4,610 earlier this week, its best level in several weeks. Deribit analysts said a clear move above $4,600 could open the way to $5,000. Data from Glassnode also showed that $4,505 is a major resistance point where around 1.75 million ETH last changed hands.

Institutional investors remain active. Ethereum price saw $1.29 billion in net inflows over the past week and $547 million from ETF-related activity.

Trading volumes are approximately $47 billion, while open interest exceeds $60 billion. Many traders now view $4,400 as a strong level of support. A clear move above $4,700 could lift Ethereum toward $6,000 if momentum continues to build.

Ethereum Moves Toward Price Discovery

Crypto analyst Mikybull said Ethereum is “about to transition to the price discovery phase.” This view came after Ethereum price confirmed an inverse head-and-shoulders pattern on the 4-hour chart.

That pattern often signals strength. Some analysts believe this could lead to another test of $4,600 and possibly $5,000 if buyers stay active.

Right now, ETH price trades between $4,460 and $4,575. Experts say that a firm break above $4,700 could trigger more buying. Conversely, a fall below $4,430 might test the next support around $4,160.

The market is stable but sensitive to small changes in volume and sentiment. Ethereum-linked ETFs now make up about 15% of total ETH spot trading volume. This indicates that interest from major investors is increasing.

Many believe this support could help Ethereum maintain its position as it attempts to reach a new high. Still, traders are being careful as they wait to see if momentum can hold through the week.

Argentina’s Growing Interest in Ethereum

Outside the charts, Ethereum is gaining more attention in Argentina. A post by a user named Fede’s intern indicates that most people there are familiar with Ethereum and its founder, Vitalik Buterin.

Furthermore, the post added that even regular people, not just tech enthusiasts, view it as a serious project.

This growing awareness in Argentina stands out because it shows a level of trust and familiarity with Ethereum’s goals.

In many countries, the understanding of blockchain is still limited. However, in Argentina, people appear to have adopted the technology more readily. The post also suggested that clearer regulations could help Ethereum become more widely used in the country.

As Ethereum trades around $4,500, the market is quiet but tense. The price is holding steady between key levels, waiting for a clear move.

Whether it breaks above $4,600 and begins to climb toward $5,000, or pulls back again, will depend on how strong buyers remain in the coming days.