- Ethereum forms a strong bull flag pattern, hinting at a possible $4,000 breakout.
- Surge in Ethereum’s daily transactions shows rising demand and investor confidence.
- Altcoins like SOL, XRP, and DOGE gain traction despite recent pullbacks and volatility.
The price chart for Ethereum is now forming a massive “bull flag,” a classic technical pattern that often signals a major price surge is on the way. Analysts are watching this setup closely, suggesting a breakout could push the price toward the key $4,000 psychological level.
With Ethereum currently trading at $3,163.61, a 5.87% increase, market participants are bracing for a possible run toward the $4,000 mark a key psychological and technical level that many believe could trigger explosive gains.
Ethereum Eyes Critical Breakout Level
According to market analyst Cas Abbé, Ethereum is showcasing one of the clearest bull flag patterns seen in recent cycles. Historically, a breakout from such a setup has triggered aggressive price surges.
Abbé draws a parallel to Bitcoin’s surge from $16,000, which led to a 300% rally. The importance of reclaiming $4,000 for Ethereum cannot be overstated. This level represents a critical resistance that, if broken, could propel the price toward new multi-year highs.
Additionally, analyst TedPillows highlighted that Ethereum’s network activity is almost back to 1.5 million daily transactions. This surge in usage is reminiscent of the 2021 bull run when ETH was at its peak.
The network’s increased on-chain activity indicates renewed investor confidence and growing demand for decentralized applications. Ethereum’s recent 30.10% growth in performance, backed by a massive $381.96 billion trading volume, reflects this momentum.
Altcoins Join the Upswing
Besides Ethereum, several other altcoins are showing strong short-term performance. Solana (SOL) rose to $164.03, reflecting a 2.34% increase. Though it has dipped slightly by 0.57% recently, volume continues to rise, indicating healthy trading interest.
XRP also made headlines with a 2.53% daily gain, now priced at $2.9325. Despite this, its recent 42.29% decline remains a concern. However, rising trading volumes suggest that accumulation may be underway.
Related: Bitcoin Leads, But Altcoins Are Lining Up for a Breakout
Dogecoin (DOGE) climbed 3.85% to $0.19914 but still faces pressure from its 8% recent pullback. Yet, increasing volume and short-term gains signal a potential recovery path.
Market Sentiment Strengthens Despite Recent Lows
Emerging coins like SUI and HYPE present mixed pictures. SUI priced at $3.9989 posted a 2.08% gain, supported by strong trading activity and a positive 2.54% growth.
Related: Altcoins to Watch as Ethereum Breaks Higher: UNI, ARB, LINK, RNDR
HYPE trading at $47.887, however, dipped slightly by 0.06% and continues to suffer from a recent 23.16% slump.
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