Ethereum is exhibiting parallels to its landmark 2016-2017 bull cycle, with technical analysis indicating potential for the asset to target the $4,200 price level. The pattern resurgence coincides with substantial on-chain accumulation and robust technical indicators that suggest sustained upward momentum.
Critical support now resides at the $3,400-$3,368 zone, with analysts noting that a decisive break above $4,000 could accelerate gains toward the $4,200 target. Supporting this outlook, on-chain metrics reveal over 1 million ETH have been withdrawn from exchanges this period – a strong signal of investor confidence and reduced selling pressure.
Ethereum maintains stable 24-hour trading volume near $20 billion, underpinning the current bullish momentum. Market observers cite multiple contributing factors including Ethereum’s persistent price correlation with Bitcoin, anticipated ETF-driven capital inflows, and ongoing network upgrades as potential catalysts for extended price appreciation.