$300 million worth of ETH purchased in one day, $4,000 target approaching

Ethereum recently faced a drawdown that took its price to $3,300. Despite this decline, the level appears to be consolidating as a support floor for ETH.

With strong investor interest and improving network activity, Ethereum may soon attempt to break through critical resistance and target $4,000.

Ethereum holders are optimistic

Ethereum’s active address momentum is currently above its annual average, indicating increased on-chain activity. This rise indicates improving network fundamentals as more users interact with the blockchain. The increasing usage helps Ethereum maintain its position on the charts despite the market downturn Volatility.

This continued activity reflects the growing confidence in… Ethereum potential To recover. As investors continue to show interest in the altcoin, its resilience is enhanced, preventing it from falling below key support levels. Expanding network usage is a positive sign of long-term growth.

Ethereum’s overall momentum remains strong, supported by significant buying activity. Over the past 24 hours, investors bought 87,000 Ethereum worth approximately $300 million. This capital influx is in line with increased on-chain activity and demonstrates investor confidence in Ethereum recovery possible.

The net exchange position supports the notion of growing bullish sentiment. Investors are removing Ethereum from exchanges, indicating their preference to hold the asset long-term rather than sell. This behavior indicates optimism about Ethereum’s price trajectory in the coming weeks.

ETH Price Prediction: Aim for the highs

Ethereum currently At $3,358, holding above the critical support level of $3,327. However, the altcoin is still stuck below the resistance level at $3,524. A break through this barrier is essential for ETH to advance towards $3,721 and beyond, indicating renewed bullish momentum.

If bullish sentiment continues to take hold, Ethereum may secure its way to $4,000. This level represents a psychological milestone that should boost ETH’s recovery, attracting more investor interest and network activity.

On the other hand, losing the $3,327 support level could lead to… Ethereum Slippage towards $3000. Such a decline would invalidate the current bullish outlook and indicate the need for stronger support in the market to reverse this trend.