CandleFocus

Ethereum (ETH) Poised to Break $4,000 and Beyond as Whales Accumulate

Author: Content Editor
The price of Ethereum (ETH) is currently 19% below its all-time high, but there is potential for it to reach $4,000 for the first time since March 2024. Key metrics such as the rising 7-day MVRV (Market Value to Realized Value) and increased whale accumulation suggest growing bullish sentiment around ETH. If ETH breaks through $4,000, it could surge towards its previous high of $4,867, but failure to sustain this rally may result in a retest of support levels. The 7-day MVRV for ETH has increased significantly, indicating growing unrealized profits among short-term holders and heightened market optimism. While historically this has led to corrections, there have been instances where MVRV levels extended further before any significant pullback, suggesting the current rally may have more room to run. The number of wallets holding at least 1,000 ETH has also increased, indicating renewed accumulation by whales and potentially signaling growing confidence in Ethereum's price. If this accumulation trend continues, it could support further price increases and sustained upward momentum for ETH. The current uptrend in Ethereum's price is supported by its EMA Lines, and breaking into the $4,000 level could start a new surge towards its previous all-time high. However, if the current uptrend is not strong enough and ETH fails to break or sustain above $4,000, support zones around $3,688, $3,500, and even $3,255 may be tested. Overall, market sentiment is currently bullish for Ethereum.

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