Ethereum (ETH) has experienced a significant price surge, breaking key resistance levels and reaching its highest point in over 14 weeks at $3,240.
This latest increase has strengthened market optimism, with analysts eyeing $4,000 as a potential target. Following steady consolidation, Ethereum's bullish momentum has gained traction, driven by strong whale activity and high transaction volume across the network. Currently, Ethereum is maintaining its position above the $3,100 threshold, a level it hadn’t sustained in weeks, marking a fresh high.
Whale transactions, an indicator of major stakeholder interest, have surged to 8,482, the highest since early August, according to sentiment data. This increase signals substantial interest from large ETH holders, often seen as a precursor to further price growth. Ethereum’s network has also shown a transaction volume spike, with $10.4 billion recorded, reinforcing robust engagement and investor confidence.
Market analysts suggest that if Bitcoin's recent bull run above $80,000 continues, some of the gains may spill over into Ethereum, boosting its upward momentum. Ethereum has already seen a 28% increase this past week, and the current trend indicates a potential further rise to $4,000, representing a possible 29% gain. Additionally, the Relative Strength Index (RSI) shows an overbought condition at 72 on the daily chart, suggesting bullish sentiment remains strong.
Ethereum’s latest rally showcases a solid support level at $3,200, and with rising network activity and consistent whale transactions, the possibility of reaching $4,000 appears increasingly achievable. Market observers remain optimistic about the potential for Ethereum to break new ground if these trends continue.
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