$ETH #ETH4500Next?
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 technicalobstacles.
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.
Crypto Onchain 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.
