Could Ethereum’s push toward $4K be the catalyst for a new rally in ETH?

  • The enthusiasm surrounding ETH has grown in the past week, with a 6% increase in its value.
  • Despite some signs suggesting caution, the bullish momentum continues to push ETH higher.

Investors were taken by surprise as Ethereum [ETH] saw a surge in price on May 17th.

Breaking through a bullish pattern, ETH’s price rise hints at a possible touch of $4k in the near future.

ETH’s Journey Towards $4k

According to CoinMarketCap’s data, ETH investors reaped profits with a 6% surge last week.

Recent hours have seen a 2.6% spike, with ETH currently trading at $3,108.31 and a market capitalization exceeding $373 billion.

The positive price movement has elevated ETH’s social metrics, keeping the sentiment around the token bullish.

With an excited market, expectations are high for ETH to aim for $4k.

Insights for the Future

Analyzing ETH’s metrics, we found promising signs indicating a potential climb towards $4k.

CryptoQuant’s data shows low net deposits on exchanges, reducing selling pressure.

Despite some cautionary signals, such as Glassnode’s NVT ratio rise, indicators like the MACD and CMF support a bullish scenario for ETH.

Curious about Ethereum (ETH) Price Prediction in 2024-25?

A closer look at Hyblock Capital’s data suggests ETH could reach $3.5k in the short term, with a potential high of $4k if the positive trend continues.

However, a bearish turn could see ETH’s value dropping to $2.85k.

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