#ETH持续飙升 The ETH Trend for the Coming Week!

As of December 2, 2024, the price of Ethereum (ETH) is hovering around $3,600. Based on the current price, an analysis is provided for the fans from a technical perspective,

Technical Indicators Analysis

1. Price Pattern:

The ETH price recently broke through the resistance area of $3,600 and began to build a short-term consolidation range, forming a bullish 'bull flag' pattern.

The next important resistance level is at $4,000, while the support range is between $3,400 and $3,000.

2. Volume and Momentum:

The trading volume has rebounded in the past week, indicating increased market activity, but it is still insufficient to support a rapid breakthrough to higher price levels.

The RSI indicator is hovering between 60 and 70, close to the overbought region, indicating that there may be a need for a short-term adjustment.

3. Financing Rates and Market Sentiment:

Financing rates are in a positive zone, showing a bullish dominance, but caution is needed regarding market correction pressure that high leverage might bring.

On-Chain Data Analysis

1. MVRV Ratio:

MVRV shows that ETH is currently undervalued, with greater potential for growth compared to Bitcoin.

2. Fund Flow:

Data shows continuous inflow of funds into Ethereum spot ETFs, with increasing interest from institutional investors, which may support the short-term price.

3. Network Activity:

Increased activity in Layer 2 scaling solutions and decreased transaction fees further enhance the network's attractiveness.

Overall Bullish:

Technical patterns support further price increases, market sentiment is positive, and favorable news such as ETFs continues to ferment. If it can break through $4,000, the short-term target may be further raised to $4,500; if the market cools significantly, ETH may consolidate to $3,000. $ETH #山寨季來了？