Ethereum Price Hints at Major Bullish Upswing
Ethereum’s price has seen a slight dip, falling from its year-to-date peak of $4,945 to around $4,335. Despite this retreat, experts beleive Ethereum might be gearing up for a significant rise in september.
The weekly chart illustrates that Ethereum reached its lowest point of $1,385 in April before surging to a new high in August. After breaking the critical $4,100 resistance in March adn December, it appears set to test this level again. Historically, assets often follow a “break-and-retest” pattern.
- Initial target price: $4,946 – Ethereum’s all-time high
- Next major milestone: $5,000
- Potential extreme overshoot: $6,250 (as predicted by Murrey Math Lines)
However, a drop below $3,750 could invalidate this bullish forecast.
Ethereum boasts solid fundamentals, notably in decentralized finance (DeFi). Its total value locked hit over $200 billion, far surpassing other blockchain networks. Additionally,Ethereum’s stablecoin market share grew by 12%,reaching $157 billion.
Transaction volumes are also soaring. With a 14% increase to 22.7 million tours, and a 38% jump in adjusted transaction value to $948 billion, Ethereum seems poised for continued growth.
Ethereum ETFs remain robust too, amassing $12 billion in inflows. BlackRock’s ETHA holds over $16 billion in assets. Moreover, the derivatives market highlights sustained demand with $58 billion in futures open interest and a positive funding rate.
