Bitcoin prices seem to have resumed their pre-halving rally as they broke through local resistance and reached levels above $72,000. During that time, Ethereum's price remained mostly stable, although the market showed significant fluctuations. The price was showing a similar pattern to what it has followed historically, ultimately causing a 15x to 20x rally and marking the next bull market high.
Here's why you need to be bullish on Ethereum.
BASE TVL explosion, price hike
Base, one of Coinbase's newly launched Ethereum layer 2 blockchains, has been in the news as its price continues to trend upward. Additionally, TVL exceeded $4 billion, an increase of 13.2%. According to some reports, nearly $1.45 billion was removed from Ethereum, while companies such as Starknet and Optimism faced losses.
NFTs are gradually gaining momentum
Second, after the AI boom, meme coin mania, and DeFi boom, NFTs are also trying hard to make a strong comeback. These days, tokens such as Internet Computer, Stacks, Render, Fetch.ai, Wormhole, and many others are in large circulation. Therefore, with the resurgence of NFTs, Ethereum is also expected to gain rapid momentum.
Ethereum merge will always burn supply
The recent network upgrade, the Ethereum merger, had a significant impact on the network as a whole and the ETH price in particular. Tokens are becoming increasingly scarce as supply continues to burn.
Number of ETH validators on ATH
After the Shapella upgrade last April, the number of active validators on Ethereum increased by over 70%. Approximately 31 million ETH has been locked and loaded, suggesting that the fundamentals have gotten stronger over time.
Moreover, in addition to all this, the rise in ETH price also shows a great possibility of going parabolic as it repeats the previous pattern. Price has broken out of the descending triangle on the higher timeframe, suggesting a huge advantage for the bulls.
Ethereum’s weekly chart suggests that the price has already broken out of the descending triangle and appears to be on the verge of finding new highs. Previously, after the breakout, the price caused a 2000% rise and marked a new high above $4600. Therefore, if similar trends reciprocate, Ethereum price could reach five-digit numbers soon.
