In the past month, Ethereum's price has increased by 33%, leading to speculation about its potential to reach new all-time highs. Analysts predict that if Ethereum can break through the $4,000 mark, it could see a significant rally. Factors such as large holders' accumulation and retail participation will play a role in its performance. However, the decline in netflow from large holders suggests that reaching $4,000 next month may be challenging. Monitoring Ethereum's funding rate on BitMex and Binance will also be important, as positive rates indicate that longs are dominant and traders expect the price to increase. The Market Value to Realized Value (MVRV) ratio suggests that Ethereum is approaching an undervalued state relative to BTC. A technical analysis of Ethereum's chart shows the formation of a bull flag pattern, which often indicates an upcoming breakout. The price has already broken out of a consolidation phase, and if it can overcome resistance at $3,600, it could rise above $4,000. However, if selling pressure increases, the trend may reverse and the price could drop to $3,003.



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