ETH Price Surge to $4,000 Soon?
Ethereum’s native crypto ETH is yet to participate in the altcoin market rally while peers like XRP, Cardano (ADA), and Binance Coin (BNB), have witnessed strong gains.
ETH Price Defending Strong Support Levels
While Ethereum has not witnessed a rally this altcoin season in comparison to peers like XRP, ADA, and BNB, the bulls have defended the strong ETH support levels.
Crypto analyst IncomeSharks noted that Ethereum’s daily support remains intact, reinforcing confidence in holding positions entered earlier. “I wouldn’t chase ETH at this level, but for now, daily support is holding,” the analyst emphasized.
Bulls Eyeing $4,000 Target
The analyst emphasized a commitment to on-chain utility plays and set a downside threshold at $3,200, indicating that a drop below this level would trigger an Ethereum sell-off.
On the upside, IncomeSharks maintains a target of $4,000 or higher for Ethereum in the near term. Ethereum’s on-chain chart also shows a giant cup-and-handle pattern since November 2021.
Ethereum’s Performance on Multi-Year Chart
On the multi-year chart, ETH has formed a giant cup-and-handle pattern since November 2021. However, Ethereum first needs to confirm its breakout above $3,800, which will set the stage for explosive growth ahead.
According to analysts, a price target of $7,346 is based on the pattern’s historical reliability in forecasting significant gains.
ETH Price Trading With Gains
As of press time, ETH price is trading 2.15% up at $3,688.51 with a market capitalization of $444 billion.
Ethereum’s On-chain Volume Surges
Ethereum’s on-chain volume surged to $183.7 billion in November, marking its highest monthly total since early 2021 and a 9% increase over the previous yearly peak in March.
This growth highlights a significant capital rotation into on-chain activities, driven partly by a revival in Ethereum-based NFT (Non-Fungible Tokens) trading.
Spot Ethereum ETF Inflows Surge
Fresh data reveals that the Spot Ethereum ETF (Symbol: ETHS) attracted inflows of $41.6 million in assets last week, marking another strong week for the trust.
Total assets under management (AUM) for the ETHS ETF now stand at a record high of $115.4 million, confirming the growing interest in Bitcoin’s largest rival.
Technical Analysis
From a technical standpoint, ETH’s market action is showing signs of bullish momentum, with various technical indicators suggesting a positive outlook for the cryptocurrency’s future performance.
Conclusion
To conclude, Ethereum’s chart patterns and technical indicators both point to a potential strong rebound in the near-term. With the bulls focused on defending the strong $3,200 support threshold and the bears eyeing the $4,000 target, the stage seems set for a thrilling month of price action.
FAQs
- When is the next potential breaking point for ETH? The next potential breaking point for ETH is considered to be the $4,000 target, beyond which the cryptocurrency could rally to new highs.
- What is IncomeSharks’ outlook for ETH? According to IncomeSharks, the analyst maintains a strong commitment to on-chain utility plays and sets a upside target of $4,000 or higher for ETH in the near term.
- What technical indicators are suggesting a bullish outlook for ETH? Various technical indicators such as the cup-and-handle pattern and the giant swing in on-chain volume all suggest a positive outlook for ETH’s future performance.
- What event is driving the surge in on-chain volume? The surge in on-chain volume is driven mainly by a revival in Ethereum-based NFT trading activities.
