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- Ethereum (ETH) price decisively held gains near the $3500 mark.
- Buyers have persisted in accumulation and are looking to unlock a major rally.
- Key metrics suggest a major turnaround could be seen ahead.
Ethereum (ETH) rebounded from the 100 day EMA mark this week and is eyeing to unlock a major jump soon.
Since the beginning of 2024, ETH, which was in a major bullish rally, has surged over 70% so far. Amidst the recent decline and retracement, investors have booked their partial profits and are still waiting for a dip.
This week, ETH has showed a notable bounce and is on the verge to cross the 20 day EMA mark. Above the $3700 mark, buying momentum will exceed and the coin price may reach $4000 mark shortly.
At press time, Ethereum (ETH) price was trading at $3582 with an intraday surge of 1.36%, reflecting neutrality on the charts. It has a monthly return ratio of -2.30% and 99.20% yearly, reflecting short term consolidation.
Could Ethereum (ETH) Retest the $4000 Mark this Month?
Per the technicals, Ethereum (ETH) price may show buying insights next week and might revisit the upside of $4000 mark. As soon as ETH sustains above the $3700 mark, a sharp rise of over 3-5% is likely.
A hammer candlestick was formed near the 100 day EMA, followed by a notable surge conveying the buyer accumulation this week. Meanwhile, the trend is neutral and buyers are eagerly awaiting a range breakout.
Source: Santiment
Its trading volume saw a notable surge over 28% to $12.08 Billion and the market cap rose over 1.22% to $437.43 Billion. Meanwhile, the total supply of ETH is 122.37 million.
The RSI curve is near the midline region and displayed a positive divergence on the charts. Likewise, the MACD indicator revealed a bullish crossover and signified the positive outlook.
Price Volatility and Weighted Sentiment Data Outlook
This week, the weighted sentiment data reclaimed the positive region and suggested investors were confident about ETH. The value soared over 7% to 0.345 and witnessed an optimistic outlook.
Source: Santiment
Meanwhile, the price volatility curve dropped over 13% to 0.004 highlighting that selling pressure had eased.
Ethereum’s Social Metrics Reveal a Rise
This week, the social dominance data reflected a major spike of over 22% and revealed the increase in the users’ engagement on the social media platforms.
Source: Santiment
Similarly, the development activity feed shows a sharp rise of over 265% to 10.65 witnessing the positive outlook.
A post by CryptoQuant CEO, Ki Young Ju, shows that the Market Value To Realised Value (MVRV) of ETH is rising faster and is heating up relatively.
Given the current ETF situation, this might be an ETH-only season. Historically, when ETH surges, other alts tend to follow.
We’re entering early alt season.$ETH MVRV is rising faster than BTC MVRV, suggesting ETH market is heating up relative to its on-chain fundamentals.
— Ki Young Ju (@ki_young_ju) June 19, 2024
Given the current ETF situation, this might be an ETH-only season. Historically, when ETH surges, other alts tend to follow. pic.twitter.com/YHq5YzkBlD
Source: X
MVRV Ratio Outlook
Source: Santiment
Per the above chart, the MVRV Ratio (1D) of ETH is hovering close to the midline and projects a neutral view. Notably, when the value of MVRV increases, it means the particular asset is overvalued and when it decreases it shows undervalued.
Futures OI Data Outlook
The Futures OI Data reveals the fresh long buildup activity and resembles the further up move possibility ahead.
The open interest data surged over 1.67% to $16.15 Billion in the last 24 hours, revealing buyer accumulation.
Is Ethereum (ETH) Testing its Investors’ Patience?
From the last month till now, Ethereum price has been stuck in a closed range and has not showcased any impulsive move yet. Amidst the sectoral rotation, Ethereum is still facing lack of momentum and stays below the $4000 mark.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
