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Ethereum (ETH) has recently surged by 5.21%, signaling the end of a four-day consolidation phase. As a result, ETH has established a critical support level at $2,680, which analysts consider the last buying opportunity before a potential new all-time high (ATH). With a bullish reversal on the horizon, Ethereum is eyeing a target of $5,200, according to recent price analysis and on-chain metrics.
Strong Support Levels and Bullish Price Action
Ethereum experienced a 5.21% price increase, breaking its four-day stability period and establishing a crucial support base around $2,680. The exclusive purchase opportunity comes now because Ethereum may be on its way to a new all-time high. A bullish price reversal is quite likely when critical resistance regions turn into support zones, since the price is predicted to hit $5,200 according to realised price bands.
Realized Price Bands Indicate $5,200 as Next Target
The realized Ethereum price bands, as indicated by CryptoQuant data, showcase key support and resistance levels that are crucial for price predictions. With the upper realized price band sitting at $5,206, Ethereum bulls have a clear target to aim for. Historically, Ethereum’s cycle tops and bottoms have occurred close to these upper and lower price bands, and this trend suggests a continued bullish trajectory toward $5,200.
Positive On-Chain Metrics Point to Strong Network Growth
Ethereum’s increasing network health and increasing daily active addresses suggest that investors are allocating additional capital to the system. Ethereum’s fundamental functionality remains resilient in the face of market fluctuations, as evidenced by available metrics. The Ethereum network is attracting an increasing number of new addresses, which in turn increases the demand for ETH and fosters a favourable environment for ETH’s price growth.
Whale Activity Indicates Accumulation and Renewed Interest
One of the strongest signs of a price rally is whale activity. The Ethereum network witnessed elevated transactions from whales starting after its February 3 price drop particularly involving transfers worth $100K or above. Large institutional investors and whale account holders demonstrate their price recovery confidence through increased accumulation of ETH which supports the expectation that prices will reach $5,200.
Ethereum’s price is positioned for a bullish reversal, supported by key technical indicators and on-chain metrics. With the recent 5.21% surge and increasing network activity, Ethereum is now poised to target $5,200 as its next ATH. Investors should keep an eye on the critical levels and whale activity as Ethereum gears up for a potential breakout.
