Price Analysis

Ethereum Price Analysis: Will The Rally To $6000 Start This Week?

With an almost 25% jump last week, the Ethereum price trend is gaining momentum and has reached the $3900 mark. As the altseason is on the verge of arrival, the $ETH price is on the verge of crossing over the $4000 threshold this week. 

Starting the week with a 2.16% jump, the 70% rise in intraday trading volume bolsters the uptrend possibility. Further, the bullish reversal over the last 15 days accounts for almost 35%, undermining the short-term pullback phase. 

With the biggest altcoin ready to surpass the previous swing high, will the bull run lead to a new all-time high this week? Check our Ethereum price analysis below for a quick study of this week’s potential price movement. 

Further, you can check out our Ethereum price prediction to find if the bull run in 2024 will reach the $10,000 milestone.  

Ethereum Price Performance

The bullish reversal in the Ethereum price trend from the $2850 mark leads to a falling wedge breakout and completes a rounding bottom. With a neckline at the swing high of $4000, the altcoin is preparing for a breakout rally. 

Tradingview

The bullish trend continues in ETH price with a 5% surge within 72 hours, potentially completing a triple white soldier pattern today. With buyers asserting dominance above $3900, the bull run chances above the $4000 psychological threshold increase significantly. 

The bullish crossover in the MACD and signal lines reflects a minor pause as the histograms decline. Further, the daily RSI line turns flat near the overbought boundary, reflecting the minor consolidation below $3900. 

With a bullish extension this Monday, Ethereum’s price aims for a positive week and reclaim the $4000 mark. 

An Explosion in Network Activity And Open Interest

Ethereum’s network activity has seen a remarkable surge in the last seven days. The total number of ETH token transfers is up by 72.45%. Further, the number of active addresses increased by 3.58%, indicating growing participation in the network. 

CryptoQuant

Evidently, transactions also climbed by 3.84%, hitting 1,138,780. A sudden burst in network activity reveals Ethereum’s robust performance and growing network engagement. 

The open interest of Ethereum has surged to $13.17B, a 6.84% intraday increase. This accounts for a massive 51.06% rise over the last seven days. Further, a positive funding rate of 0.01641022 indicates that the bulls are dominant and willing to pay a premium. 

Meanwhile, the exchange netflow total shows a significant drop of 1,087.48% in 24 hours. Thus, the net deposits on exchanges are lower than the 7-day average.

Hence, the on-chain indicators bolster the possibility of a bull run in the ETH price surpassing the $4000 mark. 

Will The ETH Price Cross $4000?

With the uptrend gaining momentum, the broader market anticipates a bullish week ahead. Further, the on-chain indicators and the technical analysis bolster the bullish side. Hence, an extended uptrend in Ethereum above the $4000 psychological mark could begin this week. 

As per the Fibonacci levels, the ETH price could aim for the $4698 level as the next target. Further, if any Ether ETF listing leaks this week, a bull run to the 1.618 Fibonacci level at $5841 is possible. 

SOURCE

Leave a Comment

ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT