Is Ethereum $ETH Price Gearing Up for a Major Crypto Bull Run?

Ethereum (ETH) just dropped 6% from last week’s high of $2,608, and the sudden dip has made some investors nervous. Many are now wondering if this is the start of a bigger sell-off. But not everyone is worried.

Popular crypto analyst Ali Martinez believes this pullback could be the start of something much bigger. He’s confident that ETH is gearing up for a strong rally, with a bold prediction that Ethereum could reach $4,000 soon. 

Here’s the reason why he’s so sure about it.

MVRV Ratio Turns Bullish

One big reason Ali is staying positive is the MVRV Ratio. This is a tool that helps show if a cryptocurrency is overpriced or underpriced. According to Ali, this ratio has now turned bullish for Ethereum, which often means the price has room to go higher.

Whales Are Quietly Buying Ethereum

Another bullish sign is the rising whale activity. In just the past month, they’ve added over 450,000 ETH to their wallets. This kind of quiet accumulation usually means they expect the price to move up soon.

Less ETH on Exchanges Means Less Selling Pressure

Exchange data is also showing a positive trend. Nearly 1 million ETH have been withdrawn from exchanges since April. When investors take their coins off exchanges, it usually means they don’t plan to sell soon, which reduces selling pressure on the market.

Eth Need To Hold This Level: $2,200

AS of now, Ethereum is trading around $2,383, holding above a critical support level of $2,200. If it can maintain this level, Ali thinks the next targets are $3,000 and possibly $4,000, especially if more buyers jump in and momentum continues to grow.

ETH Ready to Break $4000 Mark

Adding to this bullish outlook, another analyst, Ted Pillows, believes Ethereum is on the edge of a major breakout. He points out that ETH has been trading inside a big triangle pattern since late 2020, and now it’s approaching the upper edge.

In the last few weeks, ETH jumped more than 60%, from $1,400 to over $2,600, showing strong upward momentum. But all eyes are now on the $4,000 level, a price ETH has failed to break several times in 2024. This level also lines up with the top of the long-term triangle pattern.

If Ethereum finally breaks through that barrier, Ted says it could ignite the next explosive rally.