The largest altcoin Ethereum (ETH) made an impressive 25% rise last week, pushing its price up to $3,900. As the market anticipates an altcoin season, ETH is on the verge of surpassing the $4,000 threshold this week. Starting the week with a 2.16% rise, the altcoin king supports the possibility of a continued uptrend with a 70% increase in intraday trading volume.
Reflections from Ethereum’s Price Chart
The upward trend observed over the last 15 days, corresponding to a 35% rise, negatively impacted the short-term pullback phase. ETH‘s price is approaching a significant breakout point, and investors are closely watching to see if this momentum will reach an all-time high.
The upward trend in ETH’s price chart starting from $2,850 resulted in a falling wedge formation breakout, creating a rounding bottom formation. The critical neckline at $4,000 indicates a potential breakout rally. In the last 72 hours, ETH rose by 5%, forming a three white soldiers pattern, indicating strong upward momentum.
MACD indicator shows an upward trend, despite a small pause as the histogram falls. The RSI line flattened near the overbought region, indicating some consolidation below $3,900. Nevertheless, the week’s initial rise suggests a positive outlook for the coming week, aiming to reclaim the $4,000 level.
Network Activity and Open Interest Increase
Ethereum’s network activity significantly increased over the past week. The total number of ETH transfers rose by 72.45%, while active wallet addresses increased by 3.58%, indicating higher network participation. Transactions also increased by 3.84%, reaching 1.13 million, demonstrating strong network performance and engagement.
Moreover, Ethereum’s open interest rose by 6.84% in the last 24 hours to $13.17 billion, facing a 51.06% increase on a weekly basis. The positive funding rate of 0.01641022 indicates a bullish trend, with traders willing to pay premiums. Additionally, net flow data to cryptocurrency exchanges showed a significant 1087.48% drop in the last 24 hours, indicating lower net deposits compared to the 7-day average.
The current uptrend and positive market sentiment point to a rise for ETH in the coming week. On-chain indicators and technical analyses support the likelihood of ETH surpassing the psychological level of $4,000. If this happens, Ethereum could target $4,698 based on Fibonacci retracement levels. Additionally, any news regarding spot Ethereum ETF listings could push ETH to the 1.618 Fibonacci level, corresponding to $5,841.