Ethereum forms bullish setup, Polymarket traders eye $4,000
Ethereum price rally has stalled in the past 15 days, but Polymarket traders and technicals point to more upside in the coming weeks.
Ethereum (ETH) traded at $2,550 on Saturday, a few points below this month’s high of $2,735. It has jumped 85% from its lowest level this year.
Most Polymarket traders believe that ETH price will jump to $4,000 in 2025. A poll shows that the odds of this happening have risen to 40% from last month’s low of 16%. These odds are at their highest level since March 1. Moving to $4,000 would imply a 60% surge from the current level.
Polymarket places the odds of Ethereum price hitting $5,000 at 25% and $6,000 at 17%. On the other hand, the odds that it will crash to $1,000 have fallen to 16%.
There are signs that Ethereum’s fundamentals have improved in the past few weeks. For example, Nansen data shows that the number of transactions on the network has grown by 35% in the last 30 days to 39 million. Active addresses have increased by 0.4% to 6.7 million.
Additionally, spot Ethereum ETFs have started attracting inflows. This week, they added over $238 million in assets, bringing the cumulative total to $2.76 billion. BlackRock’s ETHA has $3.4 billion in assets, while Grayscale’s ETHE and ETH have $2.9 billion and $1.28 billion, respectively.
Ethereum price technical analysis
Technicals point to more ETH price gains in the coming months. It formed a golden cross as the 50-day and 200-day Arnaud Legoux Moving Averages crossed each other earlier this month.
Ethereum is also forming a bullish flag pattern on the daily chart. The flagpole started earlier this month and peaked at $2,736, the 50% Fibonacci Retracement level. The recent consolidation is part of the flag formation.
Therefore, there’s a chance that the coin will rebound in the next few days or weeks. A move above the 50% retracement at $2,736 will point to more gains, potentially to the 61.8% retracement point at $3,052. Rising above that retracement will point to more upside to $4,000.
