Is a parabolic move to $4,000 possible?

TL;DR

• Ethereum (ETH) is up about 6% weekly, with analysts predicting it could rise above $4,000.
• Bullish on-chain indicators and positive sentiment on platforms like Telegram support the hypothesis of an upcoming resurgence.

Is it time for ETH to shine?

The crypto sector has been in free fall in recent days, with Bitcoin (BTC) at one point exceeding $73,500 and Dogecoin (DOGE) hitting a six-month high of around $0.18.

second largest digital asset in conditions of The market capitalization of Ethereum (ETH) is also trending well, albeit with a slight increase. It is currently trading at around $2,700, representing a weekly gain of 6%.

Several analysts seem to believe that ETH has yet to gain traction or even outperform BTC. One of the people sharing this paper is X user Crypto General. think The asset price appears poised to break through the $2,800 resistance and “begin a parabolic move towards the $4,000 target.”

Another user with the X moniker Wolf also chimed in. explain “The three-month ascending triangle that formed after the August scare is nearing completion.” Cryptocurrency enthusiasts see this as a harbinger of a surge above $4,000.

Last but not least, Phoenix predicted a “hate rise” for ETH in the near future. However, the analyst did not disclose specific targets.

I hope you don't get trapped, because we're actually somewhere here compared to a year ago$ETH is still completely behind, but if it really gets going it will be a hated rally.

Raise your goals by inserting Hopium#Ethereum https://t.co/zCy6XoXabi pic.twitter.com/h9RpHOjnuY

— Phoenix (@Phoenix_Ash3s) October 30, 2024

bullish indicators

be On-chain indicators also suggest that asset prices may rise in the short term. CryptoQuant data show ETH exchange is net flow Last month was overwhelmingly negative, suggesting a shift from centralized platforms to self-custodial methods. This could reduce immediate selling pressure and be seen as a cause for optimism.

Additionally, Telegram's sentiment regarding Ethereum has shifted towards positivism. According to According to IntoTheBlock, more than 30% of ETH-related messages on the app are positive, while only 2% are negative. The majority (67%) are neutral.

Optimism on social channels can create momentum and attract more retail investors, leading to short-term price increases.