CandleFocus Ethereum price stalls at key price but on-chain metrics point to a surge
2024-12-17
Author: Content Editor
The Ethereum (ETH) price has encountered resistance at $4,000 and has been unable to break above it for three consecutive weeks. However, there are positive catalysts that could drive ETH price higher in the near future. The rising price of Bitcoin (BTC) is one catalyst, as altcoins like Ethereum often follow Bitcoin's price. Additionally, spot Ethereum ETFs are experiencing strong inflows, with cumulative inflows totaling over $2.3 billion. On-chain metrics show a steady number of active Ethereum addresses and a significant accumulation of ETH coins just below the $4,000 level. Ethereum whales are also holding onto their coins, and there have been notable transactions involving large amounts of ETH tokens. The Ethereum Decentralized Exchange ecosystem is also performing well, with a 36% increase in total value locked. While there is a risk of a triple-top pattern forming, a break above the resistance level could lead to more gains, potentially reaching the all-time high of $4,877 and even $5,000.
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