#ETHRally The infusion of institutional money continues, and will continue. But, what’s next for ETH prices?

After bouncing back from the support of $3,470 last week, ETH has risen approximately 15% to surpass $4,000, now facing its next challenge: the heavy selling zone around $4,100, which also coincides with a long-term trend line from the all-time high in November 2021.

ETHUSDT

Perp.

4,719.99

+2.16%

If SETH can surpass this level, we could see it attempt to reach $4,500 before trying to retest its record of $4,868.

On the other hand, the bulls need to protect the floor of $3,470. A weekly close below this level carries the risk of a drop to $3,220 and if this level fails, the psychological level of $3,000 comes into play.

The momentum indicators are showing strong bullishness, the RSI is hovering near the overbought line, and the Stochastic Oscillator has been in overbought territory since June.