Ethereum Bulls Eye New Highs, But $3,700 Support Is Crucial
- Ethereum price faces resistance at $4,000, but on-chain metrics hint at potential upward momentum.
- Key support zone identified between $3,700 and $3,810, where 3 million wallets hold 4.6 million ETH.
- Ethereum network activity grows, with new wallet creations reaching an 8-month high of 130,200 daily.
- Ethereum ETF inflows, particularly BlackRock’s $3 billion investment, boost investor optimism.
One standout insight is Ethereum’s MVRV bands, which suggest that the cryptocurrency hasn’t entered its primary bull market phase. This indicator hints at a potential peak of $6,575, offering a long-term bullish perspective.
Looking ahead, Ethereum’s robust network activity and strong support levels may pave the way for a bullish breakout. Investors should monitor the $3,700 support closely, as maintaining this level could trigger new all-time highs for ETH in the near future.
