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Ethereum Hits $2,800 Resistance: On-Chain Data Suggests $4,000 Target

Guavy AI Editorial Team
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ETH
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Ethereum (ETH) recently hit resistance at $2,800 before pulling back slightly. Analysts point to two on-chain signals suggesting a longer-term move towards $4,000.

The MVRV Ratio, which compares ETH's market value to the price investors originally paid for their coins, turned positive. The last four times this happened, ETH rallied to $4,000 or higher.

ETF inflows have been strong for six consecutive days, totaling $834 million. BitMine, led by Fundstrat co-founder Tom Lee, purchased $140.58 million worth of ETH this week and now holds 3,967,210 tokens.

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