Ethereum (ETH) price gained nearly 25% last week, reaching the $3,900 mark.
The bullish reversal over the last 15 days accounts for almost 35%, with a falling wedge breakout and a rounding bottom formation.
Ethereum’s network activity has surged, with a 72.45% increase in token transfers and a 3.58% rise in active addresses.
The Ethereum (ETH) price trend is gaining traction, with an impressive 25% surge last week, propelling the cryptocurrency to the $3,900 level. As speculation mounts about the impending altseason, the ETH price is on the cusp of breaking through the crucial $4,000 resistance this week.
Ethereum kicked off the week with a 2.16% increase, bolstered by a remarkable 70% jump in intraday trading volume, further reinforcing the likelihood of an uptrend. Moreover, the bullish reversal over the past 15 days has accounted for nearly 35% of the price appreciation, overshadowing the short-term pullback phase.
Ethereum Price Performance Analysis
The bullish reversal in the Ethereum price trend, which began at the $2,850 level, has resulted in a falling wedge breakout and the formation of a rounding bottom pattern. With the neckline situated at the $4,000 swing high, the altcoin is gearing up for a breakout rally.
The bullish momentum persists, with ETH price surging 5% within the last 72 hours, potentially completing a triple white soldier pattern today. As buyers assert their dominance above the $3,900 level, the chances of a bull run beyond the $4,000 psychological threshold have significantly increased.
The bullish crossover in the MACD and signal lines indicates a minor pause, as evidenced by the declining histograms. Furthermore, the daily RSI line has flattened near the overbought boundary, reflecting a brief consolidation phase below $3,900.
Explosion in Network Activity and Open Interest
Ethereum’s network activity has witnessed a remarkable surge over the past seven days. The total number of ETH token transfers has skyrocketed by 72.45%, while the number of active addresses has increased by 3.58%, signaling growing participation in the network.
Transactions have also climbed by 3.84%, reaching 1,138,780. This sudden burst in network activity underscores Ethereum’s robust performance and increasing network engagement.
Open interest in Ethereum has surged to $13.17 billion, representing a 6.84% intraday increase and a staggering 51.06% rise over the last seven days. Moreover, a positive funding rate of 0.01641022 indicates that bulls are dominant and willing to pay a premium.