Ethereum

Rally

2024

The post <a href="https://coinpedia.org/price-analysis/ethereum-price-analysis-will-the-rally-to-6000-start-this-week/">Ethereum Price Analysis: Will The Rally To $6000 Start This Week?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
With an almost 25% jump last week, the Ethereum price trend is gaining momentum and has reached the $3900 mark. As the altseason is on the verge of arrival, the $ETH price is on the verge of crossing over the $4000 threshold this week.&nbsp; 
Starting the week with a 2.16% jump, the 70% rise in intraday trading volume bolsters the uptrend possibility. Further, the bullish reversal over the last 15 days accounts for almost 35%, undermining the short-term pullback phase.&nbsp; 
With the biggest altcoin ready to surpass the previous swing high, will the bull run lead to a new all-time high this week? Check our Ethereum price analysis below for a quick study of this week’s potential price movement.&nbsp; 
Further, you can check out our <a href="https://coinpedia.org/price-prediction/market-price-prediction-ethereum-2019/">Ethereum price prediction </a>to find if the bull run in 2024 will reach the $10,000 milestone.&nbsp;&nbsp; 
<h2 class="wp-block-heading" id="h-ethereum-price-performance">Ethereum Price Performance</h2> 
The bullish reversal in the Ethereum price trend from the $2850 mark leads to a falling wedge breakout and completes a rounding bottom. With a neckline at the swing high of $4000, the altcoin is preparing for a breakout rally.&nbsp; 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXeQQJVMGIsx0PGE1vTS3tjyvwJtbaRZEswjOxCMIsl9sfIcDeUPhrnfk-d3mchVcDjaSh4C_E19dVKUJ8NDu90SF4ruS-_diK4fa4QL_97Y_F_O_U1ZY-npy0Bf_Oqi8vVzLx13OfwtP9BbXNTVXlJ_BFw?key=jdE3YP2Oero7UCsr9KRJlQ" alt="">
</figure> 
<a href="https://www.tradingview.com/x/e9KwYayk/">Tradingview</a> 
The bullish trend continues in ETH price with a 5% surge within 72 hours, potentially completing a triple white soldier pattern today. With buyers asserting dominance above $3900, the bull run chances above the $4000 psychological threshold increase significantly.&nbsp; 
The bullish crossover in the MACD and signal lines reflects a minor pause as the histograms decline. Further, the daily RSI line turns flat near the overbought boundary, reflecting the minor consolidation below $3900.&nbsp; 
With a bullish extension this Monday, Ethereum’s price aims for a positive week and reclaim the $4000 mark.&nbsp; 
<h2 class="wp-block-heading" id="h-an-explosion-in-network-activity-and-open-interest">An Explosion in Network Activity And Open Interest</h2> 
Ethereum’s network activity has seen a remarkable surge in the last seven days. The total number of ETH token transfers is up by 72.45%. Further, the number of active addresses increased by 3.58%, indicating growing participation in the network.&nbsp; 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXcDcRe3PTvbFAzUszoeun4SRM9ronmeXl4dbNRqwZFAyTV-LU4LL7mVnxAb6mkBy_mF4tbBOdYmQVKQ5N2u4iEHpQZQY3KCFtx-POG4Unv3MR9_6rwaj7yhuZ3zkxI-QyaUUQTmvauXnRpgDy7TDn7L6x8?key=jdE3YP2Oero7UCsr9KRJlQ" alt="">
</figure> 
<a href="https://cryptoquant.com/asset/eth/summary">CryptoQuant</a> 
Evidently, transactions also climbed by 3.84%, hitting 1,138,780. A sudden burst in network activity reveals Ethereum’s robust performance and growing network engagement.&nbsp; 
The open interest of Ethereum has surged to $13.17B, a 6.84% intraday increase. This accounts for a massive 51.06% rise over the last seven days. Further, a positive funding rate of 0.01641022 indicates that the bulls are dominant and willing to pay a premium.&nbsp; 
Meanwhile, the exchange netflow total shows a significant drop of 1,087.48% in 24 hours. Thus, the net deposits on exchanges are lower than the 7-day average. 
Hence, the on-chain indicators bolster the possibility of a bull run in the ETH price surpassing the $4000 mark.&nbsp; 
<h2 class="wp-block-heading" id="h-will-the-eth-price-cross-4000">Will The ETH Price Cross $4000?</h2> 
With the uptrend gaining momentum, the broader market anticipates a bullish week ahead. Further, the on-chain indicators and the technical analysis bolster the bullish side. Hence, an extended uptrend in Ethereum above the $4000 psychological mark could begin this week.&nbsp; 
As per the Fibonacci levels, the ETH price could aim for the $4698 level as the next target. Further, if any Ether ETF listing leaks this week, a bull run to the 1.618 Fibonacci level at $5841 is possible.&nbsp;

Ethereum Price Analysis: Will The Rally To $6000 Start This Week?

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