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Ethereum buckles up, set to hit $3500! Here’s when $4K-$5K range will be achieved

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As the price of Ethereum enters the early phases of another bull rise, it has regained its energy. Following a long period of suffering in September, the price of ETH had fallen below $3,000, leaving the digital currency in a precarious position as bears tightened their grip on the market. Reduced interest didn’t improve matters, as the market had returned to a state of severe dread. 

Cryptocurrencies have started to regain their lost value from the previous month less than a week into October. Ethereum has risen 3.14 percent in the last 24 hours, putting it on track to test the $3,500 resistance level.

During the month of September, this price point gave substantial resistance to the asset. However, as market sentiment improves this month, recovery tendencies are pointing to a target of $4,000.

Bullish Indicators for ETH

ETH market dominance 

The market has become more crowded as ETH has grown in popularity. The current market dominance of Ethereum is 18.42. Still less than half of the bitcoin market, but up 1% from last month’s low of 17%. The rise means more people will use the asset, which will lead to a price increase.

Also Read : Why is Dogecoin soaring high? Is DOGE Price to the moon back on cards?

Technical Indicators 

The IntoTheBlock Global In/Out of the Money (GIOM) model, which shows little-to-no resistance for ETH beyond $3,815, adds to the bullish picture.

bullish indicators

Approximately 1.95 million addresses are “Out of the Money” after purchasing 3.17 million ETH at an average price of $3,815 each.

Thus, a decisive close over $3,815 will turn a majority of holding profitable and relieve the selling pressure.

This development has the potential to set off a tremendous bull run for ETH, sending it over its all-time high of $4,380 and toward the $4,816 objective.

However, the short-term flash collapse thesis is supported by the 365-day Market Value to Realized Value (MVRV) model.

The 365-day MVRV is now hovering around 50%, meaning that moreover half of the market participants who purchased ETH are profitable.

As a result, these investors may decide to take profits, resulting in a short-term drop in the price of Ethereum.

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.

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