🌎 Ethereum Price Eyes Further Gains Above $4000

Ethereum Price Stalls at $4,000 Resistance Level, But On-Chain Metrics Suggest Further Gains

Ethereum, the second-largest cryptocurrency by market capitalization, is currently trading at $4,008. Despite facing resistance over the past three consecutive weeks, several positive catalysts could push its price higher in the near term.

Bitcoin’s Record High and Altcoin Momentum

One of the main catalysts for Ethereum’s potential price increase is the continued rise of Bitcoin, which reached a record high this week. Historically, altcoins like Ether have followed the price of Bitcoin, making it a key factor in Ethereum’s price movement.

Strong Inflows into Spot Ethereum ETFs

Spot Ethereum ETFs are also experiencing strong inflows, a trend that may continue in the coming months. The cumulative inflows have risen to over $2.3 billion, with Grayscale and Blackrock having the biggest market share. This trend has been consistent, with inflows recorded in the last 17 consecutive days.

On-Chain Metrics Indicate Accumulation and Steady Address Activity

According to on-chain metrics, the number of active Ethereum addresses has remained steady, just under 600,000. The total number of addresses has risen to over 123 million. Additionally, data shows that Ethereum whales are continuing to hold their coins, with 90 accounts holding between 100k and 1 million ETH tokens, and 966 accounts holding between 10k and 100k coins.

Furthermore, data indicates that Ether is seeing accumulation below the $4,000 level, with 7.2 million coins purchased at prices slightly under this threshold. This significant demand should help sustain Ethereum’s value above the $4,000 level.

Strong Support Level and Potential for Further Gains

As Ethereum pushes back above $4,000, a strong support level is solidifying just below this threshold. A break above the triple-top pattern, a popular bearish sign in the market, could point to more gains, possibly to the all-time high of $4,877. A move above that will lead to more gains to $5,000.

Key factors to consider for Ethereum’s potential price movement include: