- Three market catalysts suggests that Ethereum’s token, Ether (ETH), might hit $4,000 by the end of April.
- Google (NASDAQ:GOOGL) trends recently showed great public interest in Ethereum’s upcoming network upgrade.
- Additionally, the drop in Ether reserves and a ‘symmetrical triangle’ could lead to a price increase.
Multiple catalysts have been suggesting that good days may lie ahead for Ethereum. Altogether, three market catalysts have been suggesting that Ethereum’s token, Ether (ETH), might hit $4,000 by the end of April.
Firstly, Google trends recently showed that the public’s interest in Ethereum’s upcoming network upgrade – “The Merge” – has surged in the last week of March and the beginning of April. Certain keywords such as “ Ethereum Merge” achieved the perfect Google Trends score of 100.
Most of the interest in the Ethereum Merge searches comes from the U.S., Singapore, Canada, and Australia.
Merge, also known as ETH 2.0, refers to the Ethereum network’s transition to Proof-of-Stake. This “merge” is seen as one of the major catalysts behind Ether’s rebound rally in the last few weeks as it can reduce Ether’s issuance rate. As a result, this could lead to a supply peak in the number of ETH in circulation.
Secondly, one of the catalysts that could lead to Ethereum hitting $4,000 is the drop in the Ether reserves. This could suggest that investors withdrew their ETH in massive numbers in order to stake them across DeFi liquidity pools.
It is also important to note that the number of addresses with a non-zero balance are still on the rise, which could mean that there is a growing adoption and distribution of ETH.
And thirdly, a ‘symmetrical triangle’ could also lead to an ETH price increase. This means that the price consolidates sideways inside a range defined by a lowering upper trendline and a rising lower trendline, following a sharp up or down movement. The triangle will resolve itself after the price breaks in the direction of the previous trend.