Ethereum Accumulation Near $4,000 Support Signals Rally
Glassnode co-founders Jan Happel and Yann Alleman identify a strong Ethereum accumulation phase, with price dips on Fridays and Saturdays over the past 30 days marking prime weekend buying opportunities. They argue that if Ethereum accumulation leads to a sustained $4,000 support level, it could trigger a robust rally. This view is reinforced by Bitcoin network growth indicators—which last surged in early April and preceded a 100% ETH gain—underscoring the predictive power of BTC metrics for ETH price movements. Currently trading near $3,955 (+3.2% in 24h), Ethereum’s price action aligns with these bullish signals. Traders should closely watch the $4,000 support test and consider weekend accumulation strategies to position for a potential breakout.
Bullish
Glassnode analysts point to Ethereum accumulation and weekend dip buying as short-term catalysts, with Bitcoin network growth indicators historically preceding major ETH rallies. In the near term, securing $4,000 support could drive a breakout as traders buy dips; over the longer term, sustained network growth and established support levels may underpin bullish momentum, attracting institutional and retail inflows. Combined, these factors signal a favorable outlook for ETH price appreciation.