The pre-halving rally appears to have resumed as the Bitcoin price sliced through the local resistance to reach levels above $72,000. In the meantime, while the markets were exhibiting tremendous volatility, the Ethereum price has been largely stable. The price has been illustrating a similar pattern that it followed in history and eventually triggered a 15x to 20x rally to mark the highs of the upcoming bull run.
Here’s why one needs to be bullish on Ethereum:
BASE TVL Explodes, Price Surges
One of Coinbase’s newly launched Ethereum layer-2 blockchains, Base has been the talk of the town as the price has maintained a steep ascending trend. Besides, the TVL soared above $4 billion, marking a 13.2% rise. According to some reports, nearly $1.45 billion has been bridged from Ethereum, while others like Starknet and Optimism faced losses.
NFTs are Slowly Gaining Strength
Secondly, after the AI boom, the Memecoin Mania, and the DeFi craze, NFTs are also trying hard to make a strong comeback. In recent times, tokens like Internet Computer, Stacks, Render, Fetch.ai, Wormhole, etc and many more are making huge rounds. Hence, with the resurgence of NFTs, Ethereum is also expected to gain acute strength.
Ethereum Merge Burning Supply Constantly
The recent upgrade to the network, the Ethereum Merger, has impacted the entire network, specifically the ETH price, to a large extent. The supply has been burning constantly, due to which the token is becoming more scarce.
The ETH Validator Count at ATH
Ethereum’s active validator count has risen by over 70% following the Shapella upgrade in April last year. Nearly 31 million ETH has been locked and has also been loaded which suggests the fundamentals have been growing strong over time.
Besides, all these, the ETH price rally is also displaying a huge possibility to go parabolic as it repeats a previous pattern. The price has been breaking out from a descending triangle in the higher time frame which suggests huge dominance of the bulls.
The weekly chart of Ethereum suggests the price has already broken above the descending triangle and appears to be on its way to finding new highs. Previously, after the breakout, the price triggered a 2000% upswing to mark new highs above $4600. Therefore, if a similar trend reciprocates, then the Ethereum price is likely to reach a 5-digit figure very soon.
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Sahana Vibhute
A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.
