Key Insights
- A crypto analyst eyes an upside move toward $4000 for Ethereum price amid network upgrades.
- On-chain metrics suggest a potential rebound in the coming sessions.
Ethereum (ETH) continues batting to reclaim the $2800 level while experiencing a sideways movement throughout the week. Starting this month on a negative note, Ethereum price was still struggling to regain the key EMAs and trading with bearish sentiment.
However, the on-chain metrics and technical indicators signal a potential rebound ahead. They signal a possible upward shift in ETH price.
At press time, Ethereum price was trading at $2720, noting a rise of over 0.79% in the past 24 hours. Its market cap soared to $328.01 Billion, and the trading volume jumped over 5.62%.
Ethereum Price to $4k? Analyst Sees Strong Upside Potential
Amidst the price rebound from the liquidation zone of $2500, significant accumulation activity was noted in the past few sessions. Moreover, crypto analysts guided their positive commentary, suggesting a possible upward move ahead.
A recent post by TED on X highlighted that the worst days are coming to an end, and a god candle was in play. The upcoming Big network upgrades, along with the approval of the staking features for Ethereum ETF, could fuel a rally ahead.
Once ETH price moves past the trendline barrier of $3200, the bulls might regain their strength. Thus, a significant upward move toward $4000 could be anticipated next.
On-Chain Metrics Give Clues of Bullishness
In the past two weeks, the exchange total netflow saw positive readings, which supported the idea of accumulation. However, the Ethereum price remained sideways below the $3000 mark. The trading volume remained average, highlighting that holders were happy to take profits.
In the past 24 hours, the daily active addresses have surged over 1.20% to 376k, highlighting the growing usage of the network among the market participants.
This significant uptick highlights healthy and sustainable demand rather than speculative trading. Furthermore, the large transactions activity noted an uptick, which favors the bullish sentiment.
Whale Activity is on the Rise: What’s the Next Move?
Amidst the ongoing price consolidation, significant whale transfer activity stirred speculation about the accumulation by the smart money. It highlighted a potential breakout next.
This accumulation coincides with the price surge of over 3.45%, pushing Ethereum price toward the $2800 mark. Such a whale activity often signals speculation about a potential price rally. It makes traders wonder whether ETH could be preparing for a massive rebound in the coming sessions.
Moreover, the Ethereum Foundation responded by relocating 30,800 ETH to Aave for executing DeFi-based tasks, including staking, lending, and borrowing functions. The foundation’s decreased selling activity demonstrates a fundamentally bullish perspective since it reduces market pressure from their daily operations funding.
Ethereum Price Prediction: Key Levels to Watch Out
Despite a significant price decline observed in the first week of this month, Ethereum price held its ground. It demonstrated a bounceback from the demand zone of $2500. However, it was still trading below the key EMAs, which replicates the uncertainty among ETH investors.
In case it goes above the $3000 mark, it could see a fresh buying spree and may surpass the 50-day EMA mark. That may trap the short sellers, and Ethereum price could see a significant rally ahead. However, the bulls need to defend the support zone of $2500 to validate the bullish thesis.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
Nadia Kamal is a dynamic journalist with a specialization in financial technology and crypto markets. Her articles are known for breaking down complex subjects into accessible insights for everyday readers. Nadia’s work has been featured in multiple high-profile publications, earning her recognition from both industry insiders and major brands.