Ethereum Price Soars 9% as Analyst Predicts New Highs in ETH – Is $4,000 the Next Reach?

Highlights:

• Ethereum price increases 9% to $2,800 despite the falling trading volume.
• Over 50% of Ethereum validators have supported raising the network’s gas limit.
• Analyst predicts a new ATH in Ethereum price in the coming months as the market recovers. 

Ethereum price has soared 9% to trade at $2,800 as the crypto market recovers. Despite the rise, its trading volume has plunged 40% to $52.79 billion, signaling a fall in market activity. Meanwhile, over 50% of Ethereum validators have signaled support for raising the network’s gas limit, increasing the maximum amount of gas that can be used for transactions in a single Ethereum block.

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Ethereum's gas limit hit a new high of 35.3M at block 21771507 today! 📈 https://t.co/WVKU4e5ba0 pic.twitter.com/hQ10mQUARV

— etherscan.eth (@etherscan) February 4, 2025

As of Feb 4, Ethereum’s gas limit hit a new high of 35.3M at block 21771507 today. This change followed a validator vote, in which approximately 52% supported the increase, according to Gaslimit.pics.

Elsewhere, crypto analysts are speculating new Ethereum price highs in the coming months. Crypto Fella, a well-known analyst, has said via X that the Ethereum price bounced as expected. ”This was a huge opportunity. It’s time for ETH to show real strength. We will see new highs in the next months.”

$ETH – #Ethereum bounced as expected. This was a huge opportunity. Send it.

It's time for $ETH to show real strength. We will see new highs in the next months in my opinion. pic.twitter.com/dwsmFHAezC

— Crypto Fella (@CryptoFellaTx) February 4, 2025

ETH Statistical Data

Based on CoinmarketCap data:

• ETH price now – $2,800
• Trading volume (24h) – $52.79 billion
• Market cap – $335.6 billion
• Total supply – 120.52 million
• Circulating supply – 120.52 million
• ETH ranking – #2

Ethereum Price Aims to Rebound Above Key Support Zones

Ethereum price is navigating through a critical juncture on the daily chart timeframe. ETH is currently trading at $2,800, aiming for the $2,978 resistance barrier, which coincides with the 200-day SMA. If bullish momentum builds, the price could retest the first resistance at $2,978.

A break above this could lead to further gains toward $3,331, which aligns with the 50-day MA at the upper boundary of the falling wedge. Surpassing this threshold might enable a rally toward $3,712, a key high from recent months. However, the RSI, lingering at 33.19, reflects bearish sentiment, suggesting that buyers need substantial strength to overcome these resistances.

On the downside, immediate support is visible at $2,724, close to current trading levels. A breakdown below this level may expose the price to deeper declines toward $2,023. Nonetheless, if the Ethereum price stabilizes above these supports and the RSI begins to recover, it might inspire a rebound, signaling a potential shift in momentum.

ETH/USD’s journey toward reclaiming the $3,331 resistance hinges on building sustained bullish momentum. A breakout above $2,978 could signal renewed confidence, potentially driving the price toward higher levels. As indicated by the RSI, recent oversold conditions suggest room for recovery. Still, the path ahead depends on buyers’ ability to overcome bearish sentiment and capitalize on the current price.

Rising Open Interest Signals Market Uncertainty as Trading Volume Drops

On the other hand, Coinglass data shows a rise in open interest by 8% to $25.09 billion, while the volume has plummeted 44% to $85.09 billion. This often indicates a growing uncertainty among traders regarding the price direction, potentially signifying a period of consolidation with more people holding open positions without actively buying or selling the tokens. 

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