Ethereum Poised For Breakout? SOPR Trend Hints At $5,000 Upside 📈
Ethereum (ETH) has been on an upward trend since late September, rising from around $3,800 to the mid-$4,000 range. According to data from Binance, ETH might soon target the $5,000 price level after experiencing a reset recently. A CryptoQuant report highlights that ETH's Spent Output Profit Ratio (SOPR) has remained around 1.0, indicating strong demand that supports price stability.
The digital asset experienced a local bottom in late September but has since rebounded to $4,500. The SOPR has largely remained within a neutral range, further suggesting balanced rotation rather than mass sell-offs. Currently, any pullback maintaining the SOPR at or above 1.0 could signal continued upside potential for ETH.
Besides bullish momentum, diminishing exchange reserves are contributing to ETH's upward trajectory. Analysts have noted a trend of new ETH investors choosing self-custody or staking. Whale activity, where large buys of ETH have been observed, adds further optimism to potential upcoming rallies for the cryptocurrency. As of now, Ethereum trades at $4,471, marking a 2.6% increase over the past 24 hours.
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