Ethereum: All factors that will dictate when ETH crosses $4K again

was trading above the $4K mark for close to 48 hours in total in 2024. On the 12th and 13th of March, ETH poked its head briefly above this psychological level.This upgrade was branded as the “first step in a long-term strategy” to make the network scale to “hundreds of thousands of transactions per second” by Jesse Pollack, the creator of Base and Head of Protocols at Coinbase.

The Coinbase Premium grew to highs not seen since the first week of May 2023. This indicated an influx of demand from investors in the United States. However, this was affected by the recent pullback.The Coinbase Premium is the percentage gap between the Ethereum prices on Coinbase Pro and Binance . This metric has trended higher since the 24th of February.The index rose as high as 0.23 on the 8th of March. Since then, it has taken a nosedive and fell to -0.1 on the 17th of March.

This showed that U.S. investors had been enamored by Ethereum earlier this month, but quickly snapped out of it as prices plunged below the $4K level. In May 2023, ETH was in a longer-term downtrend when the index shot skyward. This time, Ethereum has embarked on a move that could potentially break its ATH.The active addresses count trended upward in the first half of March, just surpassing the January highs. It has fallen a bit since then but still maintained a lofty position.The Open Interest noted a decline alongside the prices to signal short-term bearish sentiment in the market.

The Funding Rate had been highly positive a week ago but retreated in the past few days, once again underlining a shift in sentiment.ETH wallets with more than 10k tokens booked profits on their holdings earlier this month. This was seen by the swift drop in the supply distribution % figure for the 10k-1M ETH.The whales deciding to cash out as prices approached the $4K mark indicated that studying whale behavior could help traders and analysts enormously.

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