Ethereum Bullish Momentum Builds with New Technical Targets in Sight

• Ethereum’s potential return to $4,000+ could be fueled by historical price patterns and technical analysis.
• Lower transaction costs from Ethereum’s Dencun upgrade are driving increased Layer 2 network activity.

According to well-known crypto analyst Javin Marks, Ethereum’s possible comeback to $4,000 or more could already be under progress. Many in the market could not yet really understand the power of this possible surge, he implies.

Marks in his tweet pointed out a higher technical goal for Ethereum of $4,811.6, suggesting a more than 90% rise from present levels. Should this level be exceeded, Marks speculates that Ethereum might aim much higher, at $8,557.6.

$ETH (Ethereum)'s return to $4,000+ may have already commenced and many may not yet realize it!

With a larger technical target at $4,811.6, an over +90% to reach it could be in-progress, and a break of that welcomes $8,557.6 into play … https://t.co/KHsO9eXd9f pic.twitter.com/s1zmGgVYuW

— JAVONMARKS (@JavonTM1) October 14, 2024

ETH Historical Patterns Signal a Potential Major Upswing 

Based on previous price patterns, which Marks thinks will once more drive ETH into a notable rise over the next few weeks, this prognosis is anchored. The analysis fits the general characteristics of Ethereum’s market and indicates that important signals could be indicating the beginning of a major optimistic phase.

Meanwhile, Ether (ETH) is trading at over $2,593.42 at the time of writing, up 2.65% over the last 24 hours and by 7.02% over the last seven days. As Marks approaches important resistance levels, these consistent increases support his theory that Ethereum could be ready for more expansion.

On the other hand, CNF has revealed that wallet Longling Capital bought another 5,000 ETH, increasing its overall inventory to 68,064 ETH. This significant acquisition points to ongoing optimistic behavior among institutional investors, who seem sure about Ethereum’s long-term future.

These kinds of large-scale accumulations usually point to important players in the market expecting more price rises, which could cause a more general surge.

Meanwhile, as we previously noted, Layer 2 transaction prices have been significantly lowered, thanks in great part to the recent Dencun Ethereum upgrade.

As more people employ the less expensive transaction prices, this notable drop in fees has resulted in increasing network activity. But Ethereum has also inadvertently reversed its deflationary trend by lowering fees, therefore generating fresh inflationary pressure on the token supply.