• Ethereum price recorded double-digital surges within the past week; enthusiasts urge the crypto approached a local high at $3,471.
  • Entrepreneur Robert Kiyosaki warns about the dollar collapsing, recommending the accumulation of ETH and other cryptos.
  • Ether’s long-term investors accumulated 4 million $ETH amid the latest price fall, triggering a bullish thesis for the crypto.

The previous week had ETH posting double-digit surges as experts examine whether the alt is about to hit a local high. Analysts assess metrics such as MVRV (Market Value Realized Value), debt and funding rates to forecast ETH’s upcoming move.

Ethereum Might Hit Local Top amid Uptrends

Ethereum saw its price at a monthly high of $3.471. The 2nd-largest crypto resumed its upsurges as experts examined metrics such as debt created, funding rates, and MVRV to assess whether the alt hit a local high.

MVRV determines average losses/profits by ETH investors. Experts at crypto intelligence firm Santiment analyzed ETH’s 30-day MVRV and noted higher values. For now, Ethereum hovers in a dangerous region, and the token might hit a wall amid uptrends.

Meanwhile, the debt in stablecoins DAI shows lower risks if ETH touches the local high. Meanwhile, experts use funding rates to determine the crypto’s price trends. The metric reveals higher highs for the crypto. Ethereum might see its funding rate hitting 2021 October levels, matching the end of price rallies in the token.

The latest tweet by millionaire Robert Kiyosaki stated that the dollar might collapse, recommending market players accumulate cryptos such as Bitcoin, Solana, and Ethereum.

While experts and proponents recommend ETH accumulation, long-term holders and whales bought approximately 4 million Ether tokes amid the latest price dip. Investors’ accumulation might trigger a shortage, translating to a supply squeeze for the altcoin. Historically, the supply squeeze in Ethereum is a predecessor to the alt’s rally.

Analysts evaluated ETH price movements and set $4,000 as a target. FXStreet experts trust the altcoin might move above the 200-day MA and eye the $4K mark. Remember, Bitcoin remains critical in ETH’s directional bias. A BTC U-turn will ruin ETH’s upside goals, triggering downside actions for the leading alt.

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