Ethereum is showing growth supported by positive market data and technical indicators. Analysts are eyeing the $5000 level as a key target.
OBV as a Key Signal
Analyst IncomeSharks indicated that Ethereum's On-Balance Volume (OBV) began signaling "buy" three days ago. This signal points to accumulation preceding the expected breakout, making it a rare indicator. The daily chart confirmed this signal as Ethereum consolidated between $4400 support and $4800 resistance. Despite sideways price movement, OBV captured the underlying demand buildup, leading to a breakout where price and volume rose in unison, reinforcing the bullish continuation.
Market Activity and Support Levels
As of now, Ethereum is trading at $4716.30, reflecting a 3.81% increase over the day. The 24-hour trading volume reached $43.4 billion, confirming strong investor participation. The rally began after ETH recovered from intraday support at $4545, thereby boosting demand and forming higher lows.
Outlook Toward $5000
Ethereum must hold above the $4700 level to continue its ascent towards the $4900-$5000 psychological and technical resistance area. The OBV signal supports this projection by indicating buyers entering the market before price confirmation. Meanwhile, the nearest support at $4550 could trigger retests of $4400 if lost.
Ethereum is displaying robust growth supported by crucial indicators and market data. If it stays positioned above $4700, it could pave the way for reaching the $5000 mark.
