TL;DR
The cryptocurrency market has experienced a significant uptrend in the past few days, with numerous digital assets rising to multi-week highs. Although not witnessing such a substantial increase, Ethereum (ETH) is also among the notable gainers.
Its price surpassed the $3,000 mark, representing a 4% increase on a daily scale. Numerous analysts believe this could be the starting point of a bull run that can take place in the near future.
The X user Michael van de Poppe is among the optimists. He claimed recently that ETH is on its way to reaching a higher timeframe support level. “The good times are there in a few weeks’ time,” he assumed.
CryptoYoddha was even more bullish, envisioning a price explosion toward the $10,000 milestone by the end of the year.
Last but not least, World of Charts argued that ETH has started breaking the “falling wedge consolidation” on a 12-hour timeframe. “Trend is already up and expecting continuation towards $4500 in coming weeks,” the analyst forecasted.
One element signaling that ETH’s value could be on the verge of a rally is the Market Value to Realized Value (MVRV). It helps to identify if the asset is overvalued or undervalued. A high ratio suggests a market top, while a low one may indicate a good buying opportunity. The MVRV has been on a significant downfall since mid-March.
Another factor is ETH’s exchange netflow, which has been predominantly negative in the past month (according to CryptoQuant’s data). Shifting from centralized platforms towards self-custody methods is considered bullish since it reduces the immediate selling pressure.
Last but not least, ETH’s price may head north in case of the approval of a spot Ethereum ETF in the United States. However, such a green light may also lead to the same immediate “sell-the-news” event witnessed after the BTC ETF approvals in January.
