#ETH🔥🔥🔥🔥 Ethereum's native cryptocurrency, ETH, has yet to join the altcoin market rally, while other cryptocurrencies like XRP, Cardano (ADA), and BNB have seen impressive gains. Currently, ETH is holding steady at approximately $3,700, as investors anticipate a potential rise to $4,000, fueled by a resurgence in Ethereum ETF inflows.
Will ETH Price Reach $4,000 Soon?
Although Ethereum hasn't experienced a rally this altcoin season like its counterparts XRP, ADA, and BNB, bullish investors are maintaining strong support levels for ETH.
Crypto analyst IncomeSharks pointed out that Ethereum's daily support remains robust, which boosts confidence for those holding their positions. "I wouldn’t chase ETH at this level, but for now, daily support is holding," the analyst remarked. They also highlighted the importance of on-chain utility and set a downside threshold at $3,200, suggesting that a drop below this point could lead to a sell-off. On the upside, IncomeSharks is optimistic about a target of $4,000 or more for Ethereum in the near future.
Looking at the multi-year chart, ETH has formed a significant cup-and-handle pattern since November 2021. However, Ethereum needs to confirm a breakout above $3,800 to pave the way for substantial growth. Analysts predict a price target of $7,346 based on the historical accuracy of this pattern in indicating major gains.
As of the latest update, ETH is trading up 2.15% at $3,688.51, with a market cap of $444 billion. Ethereum's on-chain volume surged to $183.7 billion in November, marking its highest monthly total since early 2021 and a 9% increase compared to the previous yearly peak in March.
This growth signifies a notable shift of capital into on-chain activities, partly driven by a resurgence in Ethereum-based NFT trading, with NFT marketplaces seeing their highest volumes since June.
Spot Ethereum ETF inflows have also surged again, showing strong activity on Tuesday, December 3, following Monday's $24 million in inflows..