Ethereum's Stellar Ascent: Is a $4,800 Target Within Reach? Ethereum (ETH) has showcased remarkable resilience, soaring past the $4,200 mark for the first time since 2021 and recording over a 25% increase this week. This strong performance has market observers keenly watching for its next move.
Technical Outlook: Navigating Key Resistance
Despite its impressive gains, Ethereum is currently contending with a significant multi-year resistance range positioned between $4,000 and $4,400. According to on-chain analysis by CryptoOnchain, a sustained breach above this crucial psychological and technical barrier is imperative for ETH to challenge its all-time high. Supporting this bullish sentiment, the Moving Average Convergence/Divergence (MACD) indicator has recently turned positive, signaling continued upward momentum.
On-Chain Insights: Room for Further Growth
From an on-chain perspective, while the Market Value to Realized Value (MVRV) indicator approaches its historical upper limits—potentially suggesting an upcoming sell-off—other metrics offer a contrasting view. The Net Unrealized Profit/Loss (NUPL) metric indicates that Ethereum investors are broadly in profit, yet the market is not yet "overheated" or in a state of mass euphoria. This implies there's still ample room for further price appreciation. Analysts project that a definitive breakthrough above $4,400 could propel Ethereum towards a short-term target of $4,800, with medium-term prospects remaining highly favorable. As of this report, ETH trades around $4,270, reflecting a nearly 6% increase over the past 24 hours.
