Ethereum Price Could Still Reclaim $4,000 Based On This Bullish Divergence 📈
The Ethereum price had been hinting at a bullish breakout after a stagnant period but was temporarily halted by a $1.5 billion hack on ByBit. Despite this, on-chain data suggests potential for a rally to $4,000. An analyst observes a bullish divergence in ETH's taker buy/sell ratio, indicating an upward trend.
This ratio, if greater than one, suggests investor willingness to pay more for ETH, hinting at bullish sentiment. Historically, a similar scenario led to a 60% price rally. Though ETH remains below $3,000, the market dynamics imply a possible climb to the $4,000 mark soon.
At present, Ethereum's price stands at around $2,650, after a recent decline. The market is closely watching ETH's movements in light of these latest signals.
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