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.
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.
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.