The stability of Ethereum’s price in recent weeks, coupled with its weak performance in 2024 and 2025, has left investors disheartened. However, some analysts believe Ethereum may be gearing up for a strong uptrend. Vitalik Buterin’s confidence in blockchain principles and the departure of short-term holders could push Ethereum’s price to $5,000 by February 2025. Despite Ethereum’s price dropping by about 1.4% in 2024, this trend may change with end-of-month fluctuations leading to an upward trend for Ethereum. On January 31, Ethereum’s price surged by 5.87%, only to drop to 1.65% by day’s end. According to Santiment data, this sudden increase followed by a reversal triggered a widespread exodus of Ethereum holders, signaling a possible trend change. On that day, the Network Profit/Loss (NPL) index showed that 601 million Ethereum were traded at a loss, indicating a potential bottoming out and the start of an uptrend. Additionally, the Market Value to Realized Value (MVRV) index reflects a similar situation, confirming that many short-term holders are at a loss. This situation could lead to more buying and price increases. According to technical analysis, Ethereum is forming a descending wedge pattern, suggesting its next price target could be $4,000. Although a descending wedge is a bullish pattern, key resistance levels at $3,592, $3,975, and $4,069 could pose threats to the upward trend. After surpassing these resistances, Ethereum could reach its historical peak at $4,877 and potentially hit $5,000. Visit the real-time digital currencies price page to track all tokens and cryptocurrencies live.
