ChainCatcher message, according to Cointelegraph, analyst BitBull stated, "ETH is attempting to close above $4,600 on the weekly chart. If successful, this will be an important confirmation that this is not a bull trap."

He also noted, "If ETH can achieve a weekly close above $4,600, it will set a record for the highest weekly close ever. At the same time, this will pave the way for the next upward phase, with a target price reaching $5,200–$5,500 next week."