Ethereum Approaches $4,400 Resistance; Breakout May Lead to $4,800 Amid Strong On-Chain Profitability Signals
Main Idea
Ethereum is approaching the $4,400 resistance level with bullish momentum, and a breakout could lead to a rise towards $4,800, supported by positive on-chain indicators.
Key Points
1. Ethereum has advanced from $2,400 to around $4,190 and is nearing the $4,400 resistance level, with potential to test the all-time high of $4,800 if it breaks through.
2. The MACD histogram indicates growing bullish momentum, and a confirmed close above $4,400 could open a path to higher price targets.
3. On-chain metrics like MVRV_norm and NUPL_norm show broad holder profitability without reaching historically overheated levels, supporting the bullish outlook.
4. A sustained breakout above $4,400 could target $4,800 in the near term, with medium-term potential depending on market conditions.
5. The $4,400 resistance level is critical in determining Ethereum's upcoming market direction.
Description
Ethereum is nearing the $4,400 resistance level, showing bullish momentum that could lead to a breakout towards $4,800, supported by positive on-chain metrics. Ethereum rose from $2,400 to $4,190, nearing
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