Key results:

• Ethereum creates a bull flag on a diary, with a potential breakthrough up to $ 4000.

• If the Ethereum network activity and the total closed value are still increasing, the price of ETH may see further profits.

The price of Ether printed the “bull flag” on the daily table, a technical chart formation associated with a robust rush up. Can strengthening of technical configuration and growing transaction fees signal the continuation of the ETH rally compared to $ 4,000?

The growing fees for Ethereum transactions are stubborn

Market recovery, powered by Bitcoin growth to the up-to-date highest all time and improving macroeconomic conditions, increased the price of Ether (ETH) by almost 56% to the eight -week highest level of 2734 USD on May 23, from the lowest level of USD 1750 USD 6.

This price force is reflected in Onchain’s activity, and the daily number of Ethereum transactions increases by 37% in the last 30 days. These levels were recently perceptible in January 2024, when the noise around ETF approval on Bitcoin in the US has exceeded the price of ETH above USD 4,000 for the first time since December 2021.

Daily energetic fees for Ethereum transactions also increased, reaching 90-day highest level 0.0005 ET (USD 1.33) on May 22.

The high number of transactions and fees suggest that more users interact with the network, be it for DEFs, NFTS or other DAPPs. It suggests high network activity, often correlating with increased interest and market trust.

Related: Ethereum profit owners, because the price of ETH enters the “key area” for $ 3,000

Historically, the price of Ether increased during high utilize periods. For example, during the DEFI 2021 boom, fees increased to 0.015 ETH due to high demand.

Therefore, high -use periods with high fees indicate an raise in network activity or stubborn sentiment, because more ETH is needed for gas, raising its price up.

Increasing tvl supports bull prices ETH

The raise in Ethereum network activity is also perceptible when analyzing the total blocked value (TVL) in clever network contracts.

TVL Ethereum increased to USD 65.3 billion on May 23 from USD 45.26 billion on April 22, which is an raise of over 44% in almost 30 days.

Positive symptoms include 51% raise in deposits to Pendle, tokenization and 48% raise on Ether.fi and Eingenlayer.

Ethereum remains the undisputed TVL leader, with market dominance of 54%. For comparison, the solar domination is 8%, and the BNB chain proves only 5% of the domination on TVL among layer chains 1.

In addition, ETF on the US Stock Exchange recorded a total of $ 249 million net inflow between May 13 and 22, which increased the rear winds on the demand side.

The Ether bull flag indicates $ 4,000

The price of ETH formed a bulda chart pattern on a daily chart, as shown below.

The pattern of bull flag is a stubborn configuration that is created after the price consolidates in the range of inheritance after a rapid raise in price.

The flag decided after breaking the price above the upper trend line in the amount of USD 2550 and may now raise by the height of the previous Uptrend. This sets the upper goal at the price of ETH slightly below 4000 USD, which is an raise of 56% compared to the current price.

Cryptographic analyst Michael van de poppe he said That the price of ETH must accommodate support of USD 2,400 to raise the chances of reaching USD 3,500 and more.

According to Cointelegraph, Ether’s return will probably continue to continue USD 3600 in May if key support levels persist.

This article does not contain investment advice or recommendations. Each investment and commercial movement involves risk, and readers should conduct their own research when making decisions.