Ethereum price in the monthly time frame closed above the 2022 capitulation level, thus confirming the bulls are in control in the coming quarters.
The large-cap altcoin has continued to register increased whale transactions amid the anticipated approval of the spot Ether ETFs in the United States.
Ethereum (ETH), the undisputed leader in the web3 sector, is on the cusp of a major bullish uproar in the near term after registering a monthly close above $3,500 for the first time in more than two years. The large-cap altcoin, with a fully diluted valuation of about $425 billion and a daily average trading volume of around $12 billion, is currently preparing for the next bullish leg towards its all-time high (ATH).
Moreover, the majority of the altcoins are closely mirroring the Bitcoin price action, which has already entered the price discovery phase even before the halving event takes place. As of this report, Ethereum’s price is about 27 percent from retesting its all-time high, around $4,878.
Closer Look at Ethereum On-chain Performance
The Ethereum network has remained a web3 powerhouse, with more than $78 billion in stablecoins market cap and over $52 billion in Total Value Locked (TVL). As Crypto News Flash recently reported, the Dencun upgrade has made the Ethereum network largely competitive among other layer-one (L1)chains such as Solana (SOL).
According to on-chain data provided by market intelligence platform Santimnet, the Ethereum network has seen its non-zero addresses spike to a new ATH, above 118k. Combined with the Market Value to Realized Value (MVRV), Santiment analysts are confident Ethereum price is on the precipice of a further bullish uptrend.
Interestingly, Ethereum whales have increased their on-chain activity in the recent past amid anticipated spot Ether ETF approval in the United States. As Crypto News Flash recently pointed out, BlackRock’s Larry Fink is confident about the inevitable approval of spot Ether ETF despite the claims by the US SEC that the trading instrument is a security asset and not a commodity like Bitcoin.
Midterm Ether Price Expectations
It is safe to assume that Ethereum price is in the early stage of the macro crypto bull cycle, which is expected to continue until 2025 if history repeats itself. According to Ether price analysis conducted by a popular crypto analyst alias Captain Faibik, the large-cap altcoin in the four-hour time frame chart against the US dollar has already retested a breakout of a descending broadening wedge, and now is aiming for $4,000 and beyond.
With the weekly Ether’s Relative Strength Index (RSI) still hovering above the 70 level, a sudden rally could trigger a fresh altcoin season in the coming weeks. Meanwhile, it is prudent for all crypto traders to keep in mind that the Bitcoin halving is in three weeks and increased volatility is imminent.
In case of short-term weaknesses, the Ethereum price should find a solid support level around $3,150, which also coincides with the 2.618 weekly Fibonacci Retracement. Nonetheless, heightened Ether demand from institutional investors, amid the increased auto burn rate, will continue to fuel the macro bullish outlook.
