🔥 $5,000 in Sight:
On-Chain Metrics Fuel Ethereum’s Breakout Hopes
Ethereum rose beyond $4,200 for the first time since 2021 this weekend. The “king of altcoins” has gained almost 25% in value weekly, according to CoinMarketcap.
Ethereum is expected to rise in the next days because to its strong momentum. However, recent price research suggests the cryptocurrency may be in a resistance band.
CryptoOnchain said that Ethereum may breach psychological and technical obstacles. The pundit's technical analyst says the cryptocurrency needs a sustained break above this range to retest its all-time high.
From the chart above, Ethereum price is in the green zone between $4,000 and $4,400, a multi-year resistance region with considerable historical selling pressure. The expert highlighted that the Moving average convergence/divergence (MACD) indicator has switched positive, indicating bullish momentum.
CryptoOnchain noted that the MVRV (Market Value to Realized Value) indicator is reaching its higher historical levels, suggesting selling pressure for Ethereum. However, other on-chain measures indicate that investors are not profiting or euphoric despite market prosperity.
In particular, crypto investors' Net Unrealized Profit/Loss (NUPL) is high and favorable. The statistic shows that ETH investors are profiting, yet the Ethereum price is not inflated.
CryptoOnchain determined that a big break over $4,400 might lead to a short-term Ethereum price run above $4,800. The on-chain expert noted that the Ethereum market is not overheated, suggesting medium-term potential.