Ethereum’s ascending triangle and bullish divergence signal strong growth potential, according to TradingView analyst CobraVanguard.
On-chain metrics highlight strong investor holding patterns, reinforcing Ethereum’s potential to reach $7,000.
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Ethereum’s present trend has sparked widespread interest, with noted popular crypto analyst on TradingView, CobraVanguard, predicting spectacular growth.
Emphasizing that Ethereum (ETH) is underpriced at its present value in his piece “ETH Can Reach 7K Easily,” Emphasizing a positive divergence on the weekly chart and the development of an ascending triangle, CobraVanguard targets a price of $7,000. Supported by strong technical signs, he thinks Ethereum can perhaps quadruple its value in the next year.
Ethereum is trading at $3,134.52 at the time of writing, a 0.44% gain in the past 24 hours and an amazing 19.42% rise over the past 30 days reflected above. Rising Bitcoin, which lately exceeded $97,000, has sparked hope all throughout the altcoin space. Particularly Ether (ETH) is viewed as a main benefactor of this bullish sentiment.
Investor Confidence Highlights Ethereum Resilient Market Behavior
Furthermore supporting this positive view is Ethereum’s market behavior. One interesting trend is the low ETH to exchange flow mixed with the Spent Output Profit Ratio (SOPR) almost reaching a breakeven level. These trends point to substantial group opposition to selling pressure even while prices are rising.
Deposit addresses have stayed active on sites like Binance and OKEx, but this activity hasn’t resulted in notable sell-offs even as Ethereum hit fresh highs. This suggests that most investors follow a “buy and hold” approach, therefore supporting the case for ongoing increasing momentum. Should Ethereum keep support over $2,800, analysts estimate it might hit $4,000.
Another unique quality of Ethereum is its predominance in on-chain activity among rivals. Over the past 30 days, Ethereum made $163.7 million in fees, above Solana’s $134.4 million, according to CNF. Ethereum also registered an amazing $149.9 billion in on-chain volume, surpassing competing networks, including the BNB Chain, with cheaper transaction costs.
