If bulls are able to claim and hold this level, then it could put Ethereum on the path of another uptrend. It would put an end to the accumulation trend and kickstart another bullish run. Such a run would send the Ethereum price into the next supply zone, which lies at $4,080-$4,180, before seeing any major downward correction.
Damus points out that there are similarities between the previous cycle tops and that the Ethereum price is currently following a similar playbook. This comes after consistent green candles, followed by red candles on the weekly chart, ending in a bear market.
