Ethereum Price Nears $4,000 Amid Altcoin Rally, Rising Staking Demand, and Bull Pennant Pattern

On August 7, ETH climbed to $3,718, backed by robust on-chain metrics. According to recent data, Ethereum processed 1.87 million daily transactions, its second-highest in history, driven by stablecoin usage, primarily USDC and Tether, and DeFi activity on platforms like Uniswap.

Technical analysts are now highlighting a bullish pennant formation on Ethereum’s chart, an indicator that could propel the asset toward $4,000 if confirmed.

This pattern, as explained by experts, forms after a sharp price move followed by a consolidation phase, typically leading to another leg upward.