Ethereum traders target $4,000 with bullish set-up on Polymarket

The rally in Ethereum’s price has been halted in the last 15 days. However, traders at Polymarket and the technical analysis point towards more gains in the next few weeks. 

EthereumETH() was trading at $2.550 Saturday. This is a few points lower than the high for this month of $2.735. This has been a huge jump of 85% over its low point for this year. 

You can find out more about this by clicking here. Polymarket Traders predict that the price of ETH could reach $4000 in 2025. This is reflected in a recent poll, which shows that odds are now 40% higher than last month’s 16%. The odds of this happening are now at their highest since March 1. A move to $4,000 represents a 60 percent increase from their current levels.

Polymarket puts the odds that Ethereum will reach $5,000 at 25%, and $6,000 is at 17%. On the contrary, odds for a crash down to $1,000 are now at 16%.

Ethereum fundamentals appear to have improved over the last few weeks. Nansen’s data indicates, for instance, that transactions have increased 35% on the Ethereum network in the last thirty days. Active addresses increased 0.4%, to reach 6.7million.

In addition, Ethereum-specific ETFs started to attract inflows. They added $238 million to their assets this week. The total is now $2.76 Billion. BlackRock ETHA is worth $3.4 Billion, Grayscale ETHE and ETH are worth $2.9 Billion and $1.28Billion respectively. 

Ethereum Price Technical Analysis

The technicals indicate that ETH will continue to rise in price over the next few months. As the Arnaud-Legoux Moving Avgs of 50 and 200 days crossed, it formed a gold cross. 

Ethereum has also formed a bullish-flag pattern on its daily chart. This flagpole began earlier in the month, and reached its peak at $2.736, which is 50% Fibonacci retracement. Recent consolidations are part of flag formation.

There is a possibility that the coin could rebound within the next couple of days or even weeks. The coin could gain more if it moves over the 50% retracement level at $2,736. It may even reach the 61.8% at $3,052. A move above the 50% retracement at $2,736 will indicate more gains. This could lead to the 61.8% retracement point of $3,052.