The Ethereum price has moved sideways recently, but technicals point to an eventual surge to $4,000. ETH was trading at $2,500 on Tuesday, up 80% from its lowest level this year.
Ethereum Price Technical Analysis
The weekly chart shows that the Ethereum price has been in an ascending channel. The channel’s lower side connects the lowest swing points since June 2022, while the upper side links the highest points in March 2022, February, March, and November last year.
The Ethereum price aims to climb to the channel’s upper side, surpassing $4,000. This would represent an increase of over 67% from the current level.
ETH is now attempting to move above the 100-week Exponential Moving Average (EMA). A cross above that level will point to more upside.
The bullish Ethereum price forecast will become invalid only when it moves below the lower side of the channel. Such a move could cause the price to fall to $890, the lowest point in June 2022. This target is about 65% below the current level.
READ MORE: Ethereum Unveils $1T Security Initiative to Bring the World On-Chain
BlackRock’s BUIDL Assets Near the $3 Billion Milestone
The Ethereum price has numerous drivers that may push it higher in the coming weeks. First, BlackRock’s BUIDL fund is firing on all cylinders as its total assets move to $2.9 billion. It has jumped from the January 1 level of $646 million, making it one of the fastest players in the Real World Asset (RWA) tokenization industry.
Ethereum also hosts several top Real World Asset (RWA) networks. For example, Quant’s QNT token is an ERC coin with a market cap of over $1.34 billion. Other top RWA networks are Ondo Finance, Maker, Maple Finance, and Chainlink.
Ethereum may also benefit as the network fees fall, much lower than those of some layer-2 chains like Base and Arbitrum. Data shows that protocols on the Ethereum network handled over $56.35 billion in assets in the last 30 days, higher than what Base and Arbitrum processed combined. Growth may continue following the Pectra upgrade.
Further, Ethereum’s funding rate has remained positive. This figure means that traders expect the future price will be higher than the current one.
