The Ethereum price increased more than 5% in the last 24 hours. Most market indicators and metrics supported the possibility of further growth.
Investors found out about the good news on April 5, when the cryptocurrency market turned quite bullish, allowing various cryptocurrencies to push their prices higher.
Ethereum [ETH] was capitalizing on the market trend, crossing the $1,900 mark. For the first time since August 2022, Ethereum was able to climb back above $1,870, giving hope for further growth.
On April 4, Santiment tweeted the following:
“Ethereum jumped back over $1,870 today for the first time since August 17, 2022. This near 8-month high comes as sharks have been accumulating steadily since last summer. Addresses holding 100-10k $ETH have accumulated $4.24B in the past 9 months.”
Ethereum Price Action Gained Attention
CoinMarketCaps data revealed that ETH managed to rise by more than 5% in the last 24 hours, and also in the last seven days. ETH was trading above the $1,900 mark at $1,910.97, with a market capitalization of over $230 billion. Taking market conditions into account, the crypto community expects Ethereum to breach the $2,000 benchmark soon.
Will ETH Get Over the $2k Hurdle?
Based on the daily chart of ETH, it is inferred that the bulls were ready to further push the king of altcoins higher. For example, the exponential moving average (EMA) ribbon revealed buyers’ advantage in the market, as the 20-day EMA was well above the 55-day EMA.
On the other hand, the ETH Money Flow Index (MFI) was moving higher from the neutral mark, which was also a bullish indicator.
However, the Chaikin Money Flow (CMF) did not behave in accordance with the will of the bulls as it recorded a decline.
Bollinger Bands also seemed problematic, when it was revealed that the ETH price was entering a less volatile zone, which may restrain the token’s price from rising exponentially in the short term.
Although Bollinger Bands suggested that investors can expect some slow days, Ethereum’s on-chain metrics told a different story. ETH’s net deposits on exchanges were low, as compared to the 7-day average, indicating that the token was not under selling pressure. Additionally, the total number of active wallets used to send and receive coins also increased by 25.83%, as compared to the previous day.
According to the Santiment chart, ETH-weighted sentiment has improved over the past month, reflecting investors’ confidence in the token. This was achieved despite the fact that the network was recently the victim of an attack, in which a substantial amount of ETH was stolen when the perpetrator interfered with MEV bot transactions.
Demand for Ethereum in the derivatives market was also high, which was quite evident from its Binance funding rate. Another optimistic metric was its offer on exchanges, which has dropped sharply in the past 30 days.
Therefore, considering all the metrics and indicators, it seems likely that Ethereum will cross the $2000 mark soon.
By Audy Castaneda
