- Summary:
- Ethereum price recently faced rejection at the USD 4,000 mark. Will an uptick in key metrics trigger a decisive breakout past that level?
Ethereum price rose for the second successive day on Thursday, extending its gains by 2% at the time of writing to trade at $3,920. ETH is attempting another go at $4,000, a key psychological level at which it faced rejection in the last five days. Ethereum’s resurgence comes as the wider crypto market recovers, with the capitalisation having risen by more than $300 billion in the last 24 hours.
Key metrics signal further upside for ETH price
Ethereum’s DeFi performance has recently risen significantly, showing increased utility for ETH. DeFiLlama reports that Ethereum chain’s total value locked (TVL) rose by 4.4% in the last 24 hours to $77.8 billion. Overall, the TVL has risen by about 34% in the last month, a feat that has contributed significantly to Ethereum’s breakout from Solana’s shadow.
Also, Ethereum’s ETF inflows have stayed on the upside trajectory, driving up the price. According to Coinglass, the total value of Ethereum ETF net inflow in the last 24 hours stood at more than $102 million, with more than 28,111 ETH coins going into investors’ portfolios.
Ethereum price trades above the middle Bollinger bands and a second green candlestick above that level has confirmed the strong bullish momentum. In addition, the RSI reading is at 62, which adds credence to the upside view.
Ethereum price prediction
Ethereum price has its pivot at $3,900 and action above that level will favour the buyers to stay in control. In that case, ETHUSD could move higher to encounter the first barrier at $3,957. However, a stronger bullishness could break above that level and test the second barrier at $4,000.
Conversely, moving below $3,900 will signal a shift by the momentum toward the downside. That could see ETH price move to the first support at $3,845. In addition, the upside narrative will be invalid if the price breaks below that level. Also, the resulting momentum could send the price lower and test $3,790.
