Ethereum on the Brink: Price Set to Challenge $4000 Amid Market Volatility

• Ethereum’s price may surpass the $4000 milestone this month, supported by a bullish trend.
• Ethereum’s supply on exchanges is at an 8-year low, potentially leading to a significant price surge.
• A surge in daily transactions indicates increasing activity and confidence in the Ethereum network.

Despite experiencing relatively stable intraday movements, Ethereum’s (ETH) price trajectory continues to suggest a potential uptick, with speculation mounting that it could breach the significant psychological barrier of $4000 in the coming weeks. 

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Analysts point out that Ethereum has maintained its position above key moving averages, demonstrating resilience in the face of recent market fluctuations. Despite facing selling pressure and a broader decline in the crypto space, Ethereum has managed to hold within a narrow trading range of $3550 to $3900 over the past several weeks.

The recent resurgence of the bear cartel following the release of higher-than-expected U.S. jobs data has momentarily dampened market sentiment. However, Ethereum bulls are expected to stage a comeback, potentially defying the prevailing selloff and propelling the cryptocurrency toward higher price levels.

Market indicators, such as the RSI and Fibonacci retracement levels, suggest that Ethereum is well-positioned to maintain its upward trajectory. Additionally, notable figures within the crypto community have highlighted factors contributing to Ethereum’s bullish outlook, including a decline in ETH supply on exchanges and the impending launch of Ethereum ETFs, which could trigger a significant supply shock and drive prices higher.

Moreover, recent data indicates a surge in daily transactions, signaling increasing activity and confidence in the Ethereum network. The rise in futures open interest further underscores growing investor speculation and anticipation surrounding Ethereum’s future price movements. While immediate support levels for Ethereum are identified at $3620 and $3500, key resistance lies at $3800 and $3980. 

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