Ethereum technical analysis points to potential $5,000 target as institutional interest grows

crypto analyst Jelle has projected that ethereum could reach $5,000 in March.

The analyst cited a long-term technical pattern and reported institutional accumulation. The forecast comes as eth maintains a 51.9% gain over the past year.

Price data shows that ethereum posted 2.4% gains over the past week, although it saw a 1.9% drop in the last 24 hours. The asset's 30-day performance indicates a modest decline of 0.4%, suggesting consolidation before a possible breakout.

In a recent market analysis, Jelle highlighted a bullish pennant formation that has been developing for almost four years. This technical structure, visible by the convergence of trend lines after a strong bullish move, typically precedes significant price advances when validated by increased buying activity.

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https://twitter.com/CryptoJelleNL/status/1882728449972068852?ref_src=twsrc%5Etfw

Market watchers note that wallets allegedly linked to Trump's circle have been accumulating ethereum, coinciding with broader discussions about government stockpiling of cryptocurrencies. This institutional interest adds fundamental support to technical analysis.

Cryptocurrency price action shows resilience by maintaining year-over-year gains despite recent market volatility. While the short-term moves show some uncertainty with the 24-hour decline, the long-term bullish trend remains intact, as evidenced by the substantial year-over-year performance.

Technical analysts point to the completion of local low sweeps as another bullish indicator. This suggests that the market has liquidated weaker positions ahead of a possible bullish move.

However, eth is still down over 31% from its all-time high that was reached in November 2021. While btc has managed to surpass its ATH several times recently, eth has yet to show such strength.