Ethereum (ETH) Eyes Higher Prices as $3,700 Support Zone Remains Strong
- Ethereum (ETH) fcs rsistnc nr $4,000, with cutious trdrs witing dcisiv bullish brkout.
- Anlyst Ali Martinez idntifis $3,700-$3,810 s ky support ftr 4.6 million ETH wr cquird.
- Ethereums ctiv addresses ros by 4.24%, signling growing invstor confidnc in potntil pric gins.
Aftr rcnt rcovry, Ethereums pric fcs stiff rsistnc nr $4,000, lving invstors nxiously witing for dcisiv bullish brkout. Hovring round $3,900, trdrs rmin cutious bout potntil pullbcks. Howvr, dt from on-chin mtrics hinting t upwrd momntum for th cryptocurrncy.
Prominnt crypto nlyst Ali Martinez hs pinpointd criticl support zon btwn $3,700 nd $3,810. This rng hs sn nrly 3 million wllts collctivly cquir 4.6 million ETH, undrscoring its significnc s solid dfns ginst downsid voltility.
Adding to th positiv sntimnt, blockchin nlytics firm Sntimnt obsrvd notbl uptick in Ethr ntwork ctivity. Wllt crtion hs surgd to n ight-month high, vrging 130,200 nw addresses dily in Dcmbr lvl lst sn in April. This surg rflcts growing nthusism mong ETH supportrs nticipting futur pric gins.
Ethereum Address Growth Points to Upswing
Martinez lso highlightd tht Ethereums ctiv addresses ros by 4.24%, nw ddrss crtion incrsd by 2.65%, nd zro-blnc addresses dcrsd by 4.06% this wk. Mnwhil, Ethr whls r ccumulting, signling confidnc in potntil pric upswing.
Additionlly, Mrkt indictors lik Ethers MVRV (Mrkt Vlu to Rlizd Vlu) pricing bnds rmin rltivly stdy, suggsting th cryptocurrncy is yt to fully ntr bull mrkt phs.
Anlysts bliv Ethrs cycl tops historiclly lign with 3.2x multiplir of its rlizd pric, which currntly points to potntil pk nr $6,575. This projction ligns with stimts from sst mngr VnEck, bolstring invstor confidnc.
Historical Trends Fuel Ethereums Surge
Th Ethereum-to-Bitcoin rtio is nothr criticl fctor driving bullish sntimnt. According to vnturfoundr, wll-known crypto nlyst, Ethereum typiclly lgs bhind Bitcoin for no longr thn ight months following Bitcoin hlving. As th currnt hlving cycl rchs its ighth month, historicl pttrns suggst significnt Ethr rlly my b on th horizon.
Vnturfoundr prdicts th ETH/BTC rtio could climb to 0.39, rprsnting 700% incrs sinc th hlving. Should Bitcoin chiv projctd pric of $100,000, Ethereums vlution could sor to n stimtd $39,000 pr coin.
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Text source: TronWeekly
