Ethereum Turns 10 – Will ETH Price Breakout to $4k Next?

Ethereum today has completed a decade in the industry. With more than just celebration, it’s showing signs of a bullish breakout. As marketers anticipate a potential Ethereum ETF listing, price action is steaming up, whale’s are embracing for trades, and institutional demand is soaring high as Pantera-backed Ether Machine drives its reserves to over $10 billion.

Talking about numbers, ETH price is currently at $3,870.03, up 1.14% in 24 hours, and 57.15% in the past month. The network’s fundamentals and on-chain are aligning to fuel the next price moves. Join me as I decode the short term Ethereum price analysis. 

On-Chain Metrics Show Heavy Accumulation

Recent data from Santiment reveals an aggressive net outflow of nearly 246,000 ETH from exchanges. This massive shift suggests whales and institutions are pulling ETH into cold storage or staking protocols. This thereby reduces immediate sell pressure. This is consistent with Ether Machine adding 15,000 ETH worth $56.9 million, taking their total holdings to 334,757 ETH.

Further strengthening the bullish case, corporate reserves in Ethereum have crossed $10 billion. This is with Nasdaq-listed firms like FG Nexus allocating $79 million into ETH. Meanwhile, DApp activity is closing in on its 2024 highs, pointing to growing network utility.

ETH Price Analysis:

Ethereum’s price action on its chart reflects a strong uptrend backed by improving technicals. After hitting a 24-hour high of $3,870.58, ETH now sits just below the $3,901 resistance, with the next target at $4,096. The Bollinger Bands show a tightening squeeze, hinting at an imminent breakout.

The RSI sits at 59, indicating that ETH is in a healthy bullish zone without being overbought. Meanwhile, support at $3,565 has held firm throughout recent retracements, forming a solid base. If bulls clear the $3,900 mark convincingly, ETH could quickly surge to test the $4,096 barrier.

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