Ethereum Bulls Charge Towards $4,000 Amidst Market Frenzy

Strong Uptrend and Key Support Levels

Ethereum (ETH) has been on a steady upward climb, with its price hovering around $3,743. It has surpassed its moving averages, indicating bullish momentum. Traders eagerly anticipate the breach of the $3,500 mark, a potential milestone towards the coveted $4,000 price tag.

The 50-day moving average ($2,700) and 100-day moving average ($2,400) provide crucial support levels. Historically, these supports have fueled Ethereum’s price increases.

Potential Price Correction

Ethereum surged alongside Bitcoin on February 28th, approaching its all-time high of $3,500. However, a technical indicator suggests a potential pause in the rally.

The CryptoQuant Funding Rates metric shows a spike in fees paid in perpetual futures contracts, reaching its highest level since April 2021. This indicates excessive bullish sentiment and overheated markets, which often precede price corrections.

Old Ethereum Whales Resurface

A dormant Ethereum wallet containing 72 ETH has been activated after 8.6 years. Additionally, other dormant Ethereum whales have awakened in February, holding premined ETH worth millions of dollars. These movements have sparked speculation within the crypto community.