Ethereum Price Prediction: ETH Hits the Key Resistance of $4000! Mid to Long-term Target $10,000

Well-known analyst Ali Martinez pointed out that Ethereum (ETH) is approaching the key "horizontal parallel channel" upper band resistance (around $4000) at the weekly level. Historical data shows that this position has formed three strong resistances in the past two years. If this time there is an effective breakout, based on the height of the channel, the medium to long-term target for ETH could be seen at $10000. On-chain data is simultaneously releasing positive signals: Glassnode monitoring shows that the open interest of "new money" purchasing ETH has surged by 16% since the beginning of July, indicating that new funds are continuously getting on board.

Horizontal Parallel Channel: Analysis of ETH's Two-Year Oscillation Framework

Technical analyst Ali Martinez emphasized that the price of Ethereum has consistently operated within a horizontal parallel channel on the weekly chart for the past two years:

• Morphological Features: The price oscillates horizontally between two lines parallel to the time axis, with the upper band forming resistance and the lower band providing support.
• Recent Verification: At the beginning of this year, ETH successfully backtested the lower band of the channel and received strong support, confirming the validity of the structure. The current price is approaching the upper band resistance area (around $4000) again after a continuous rebound.

4000 USD: Long and Short Battle and Ten Thousand Dollar Target Logic The $4000 resistance level is crucial for the future trend of ETH:

• Heavy historical resistance: In the past two years, ETH has tested this resistance three times, all of which failed, forming a significant price memory zone.
• Breakthrough Target Calculation: According to classic technical analysis theory, if the price effectively breaks through the upper band of the channel, the theoretical target for subsequent upward movement is the channel height. Based on this, Martinez estimates that after breaking through $4000, ETH is expected to challenge the $10000 key psychological level.
• Breakthrough Confirmation Factors: Need to pay attention to whether the weekly closing price can hold above 4000 USD, accompanied by a significant increase in trading volume.

New On-Chain Signal: First-Time Buyers' Holdings Surge by 16% On-chain data provider Glassnode has captured positive signals:

• "First Buyers" Definition: A group of investors who are purchasing ETH for the first time in the history of their on-chain address.
• Open Interest Changes: Since early July, the supply of ETH held by this type of investor has soared by 16%.
• Market Interpretation: This phenomenon indicates that new funds are continuously flowing into the Ethereum ecosystem, with an increased proportion of new investors, providing incremental capital support for breakthrough attempts.

Risk Warning: Beware of the Fourth High Pullback Despite the technical structure and on-chain data being somewhat optimistic, investors should still be wary of history repeating itself:

• If ETH encounters strong selling pressure again near $4000, forming the fourth high pullback, it may trigger a short-term deep correction.
• The key support below can refer to the middle track of the channel and the psychological level of 3500 USD.

Conclusion: The fourth challenge to the $4000 resistance at the weekly level of Ethereum will be a core battle to observe the medium to long-term trend. The expectation of a technical breakthrough at ten thousand dollars resonates with the new on-chain funds getting on board, injecting confidence into the bulls. However, the heaviness of historical resistance requires investors to remain cautious, with close observation needed on the effectiveness of the breakout and accompanying volume. If it successfully holds above $4000, ETH will open up the imaginative space towards historical highs; conversely, if there is another spike followed by a pullback, market sentiment reversals and phase adjustment risks should be watched closely. The continuous influx of new on-chain money adds more convincing fundamental support to this key battle.