Ethereum’s Next Stop: $4,400–$4,955—Is the Bull Run Just Getting Started?
Ethereum isn’t just flirting with new highs—it’s gearing up for a potential moonshot. After months of consolidation, the king of smart contracts is eyeing a breakout that could send shockwaves through crypto markets.
The Setup:
ETH has been carving out a bullish pattern, with $4,400 as the immediate target. Clear that, and $4,955 becomes the next battleground—a zone that could either trigger a FOMO frenzy or a brutal rejection. Traders are watching liquidity pools like hawks, waiting for the dominoes to fall.
The Catalyst:
Macro winds are shifting. Institutional inflows, ETF whispers, and a suspiciously quiet SEC have speculators betting this rally has legs. (Then again, Wall Street’s crypto ‘experts’ also thought NFTs were a sound retirement plan.)
The Bottom Line:
Ethereum’s tech upgrades and deflationary mechanics are doing the heavy lifting. But in a market where ‘fundamentals’ often mean ‘which influencer pumped it last,’ price action remains the only truth. Buckle up.
- Ethereum declined 12% last week, currently trading at $3,419.46 with $30.65 billion 24-hour volume.
- ETH’s TVL dropped 24% to $74.256 billion, with DApp activity falling to $80.7M in October.
- VWAP support holds since April 7; next targets are $4,400 and $4,955 for potential breakout.
Ethereum (ETH) declined about 12% over the past week, despite briefly touching the $3,400 mark. Analysts observe strong liquidity clusters between $3,200 and $3,350, suggesting the token may revisit that range before attempting a rally toward $4,400.
Currently, ethereum is trading at $3,419.46, with trading volume over the past 24 hours reaching $30.65 billion, with a market cap of $412.72 billion. ETH’s market dominance stands at 12%, while the price has decreased by 0.83% in the last day.
ETH On-Chain Metrics Cool as DeFi Slows
Ethereum’s ecosystem shows signs of cooling. Total value locked (TVL) fell to around $74.208 billion, down 24% over 30 days. Balancer v2’s recent $120 million attack contributed to the decline. DApp activity dropped to $80.7 million in October, reflecting slower network performance and reduced staking rewards.
Trading activity also indicates caution. Volume is down 391.6% to $57.71 billion, while open interest decreased 0.09% to $39.16 billion. ETH’s OI-weighted funding rate remains low at 0.0073%, highlighting minimal bullish leverage.
Weak ETF flows and macro pressure limit the short-term upside of Ethereum. Institutional appetite is not being reduced by increasing holdings in corporate treasuries. The derivatives markets imply weak performance, whereas the macroeconomic headwinds decrease the breakout towards $3,900. Investors are waiting for the on-chain growth to remain steady to sustain gains.
Ethereum has a possible positive catalyst from the upcoming Fusaka Upgrade in early December. A reduction in scalability and security is expected to improve the efficiency of the network. To sustain a sustained increase in the bullish market, analysts believe that improved macro variables, and positive on-chain growth will have to align to continue the bullish trend.
Ethereum Holds VWAP Support, Eyes Key Targets
Despite headwinds, Ethereum shows resilience near VWAP support since April 7. Analyst Donald Dean points out the existence of lows which have been increasing since November 4, indicating accumulation and a possible bottom.
Dean mentions that the following upside points of Ethereum are the levels of 4,400 and 4,955, which coincide with the important volumes. A sustained movement beyond these resistance zones may affirm a breakout, which will boost the bullish prospect. ETH could ultimately hit its 2021 highs, provided that the momentum and market confidence improve.
