Ethereum Triangle Breakout Rally: $4,000 Next?

Ethereum is targeting a breakthrough rally from $2,700. With significant institutional backing, the SEC may add a new Ethereum ETF feature.
This rapid growth in the previous 24 hours has hyped Ethereum. Will the largest altcoin's buzz spur a bull run? Find out.
Key Resistance Levels and Ethereum Price Action
Ethereum's 4-hour price chart shows a triangle. Ethereum gains inside the pattern to test the above trendline.
At $2,741, Ethereum faces resistance from the 100 EMA line at $2,761. Breakouts above here may test the $2,900 200 EMA line.
To support upward potential, the 4-hour RSI line went over halfway, entering the almost overbought zone. The momentum indicator shows bullish momentum rising.
Institutional and Whale Work
Daily net Ethereum ETF inflow has reached $19.02 million as the Ethereum price trend gains strength. Fidelity acquired $24.47 million of Ethereum on February 19, while Grayscale sold $5.45 million.
US Ethereum ETFs have $10.31 billion on net, approximately 3.14% of the Ethereum market cap.
Whales acquired 430,000 ETH in 72 hours, according to Ali Martinez's recent article. This shows rising demand and suggests a positive rebound.
As Ethereum grows, the SEC accepted the 19B-4 file for the Ethereum ETF staking functionality. Cboe BZX Exchange filed for 21Shares. 21Shares has $19.85 million in Ethereum.
Ethereum price hopes to break the above trendline amid mounting enthusiasm. Ethereum's triangle breakthrough might reverse trends. This will boost ETH's prospects of regaining $3,000 and reaching $4,000. However, Ethereum's key support levels are $2,400 and $2,200.
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