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The digital currency ecosystem is showing signs of recovery, with Ethereum (ETH) 
$0.000118 capturing attention. In the past 24 hours, the total value of the cryptocurrency market has increased by 0.22%, reaching $3.3 trillion. The sustained upward trend of ETH and its potential to reclaim the $4,000 level has become a topic of interest.
Ethereum Price: Impact of Changing Metrics
According to current market data, Ethereum has risen by 2.2% over the last 24 hours, reaching $3,267.90. During this period, the coin gained value from $3,219.69 to $3,319. However, some fundamental Ethereum metrics, such as trading volume, are showing a decline. This metric, which determines the ecosystem’s liquidity, has decreased by 57.57% to $13.25 billion.
In addition to trading volume, Ethereum’s price is being affected by large investors’ transaction data. According to IntoTheBlock, major whales moved only 1.96 million ETH, worth approximately $6.37 billion, overnight.
Expectations for ETH to Reach $4,000
Ethereum has made several unsuccessful attempts to regain the $4,000 resistance level since December 17. The 4-hour ETH/USDT chart shows a slowdown in volatility. Recent selling pressure has caused the Relative Strength Index (RSI) to drop to 42, nearing oversold levels. The convergence of the Moving Average Convergence Divergence (MACD) line just above the signal line indicates a potential trend change.
The narrowing of the Bollinger Bands suggests a decrease in volatility for Ethereum’s price. If key metrics determined by retail investors turn positive, this slight price increase could propel ETH to new levels.
Aspiring Ethereum Predictions for the Future
There are several reasons to remain optimistic about Ethereum’s price. First, the progress of the Pectra upgrade is expected to be launched by the end of the first quarter. Additionally, developers are planning the Fusaka Upgrade following Pectra, signaling a consistent effort to enhance the protocol’s functionality.
Asset managers like Bitwise foresee a price target of $7,000 for Ethereum.
These ecosystem developments are pushing asset managers like Bitwise to predict a price target of $7,000 for the coin. A return to $4,000 in January could be a significant achievement, while expectations for greater growth throughout the year remain high.
It has also been reported that the number of ETH HODLs has increased since the beginning of the year, according to Santiment data. This indicates that many believe in the coin’s long-term potential, which could trigger a price recovery.
The continuously evolving Ethereum ecosystem continues to offer various opportunities for investors. Technological upgrades and rising HODL rates provide positive signals for the coin’s future performance.
