The price of Ethereum (30776955990) recently exceeded the $4,000 mark for the first time since March 2024. However, the 7-day MVRV ratio indicates unrealized losses. This warns of a potential further decline before recovery.

On-chain analysis shows that the number of addresses holding at least 1,000 ETH has been steadily increasing in December. This reflects an accumulation of the asset by whales. Meanwhile, Ethereum is facing key resistance at the $3,987 level. A breakout could push the price to $4,100 and above. However, bearish signals from converging EMA lines might lead to a test of support at $3,500 or lower.