Ethereum Eyes Potential Breakout Toward $4,800 as Technical and On-Chain Momentum Builds

I believe the recent surge in Ethereum's price is a promising sign for bulls, especially with the coin reclaiming the $4,200 level for the first time since 2021, showing a significant weekly gain of over 25%. The technical indicators, such as the MACD flipping positive, imply sustained bullish momentum, which could propel ETH toward the critical resistance zone between $4,000 and $4,400. If ETH manages a decisive breakout above this multi-year resistance, I see potential for a rally up to $4,800 in the short term, especially given the current market dynamics. From an on-chain analysis perspective, the current market also exhibits strong investor profitability, with the NUPL suggesting that while investors are broadly in profit, the market is not overheated yet. This indicates room for further upside without the immediate risk of a sharp correction. However, the nearing of the MVRV metric towards its upper historical range suggests cautious monitoring, as this could herald some selling pressure if profits are realized. Overall, the combination of technical breakout potential and favorable on-chain metrics leads me to be optimistic about Ethereum's near-term prospects. The market still shows signs of substantial room for growth, making now a strategic moment for investors to watch for a confirmed breakout above $4,400, which could catalyze a move toward $4,800 and even potentially higher levels in the medium term.