Ethereum Establishes Triple Bottom Around $3,750 as Traders Anticipate $4,280 Breakthrough

Ethereum's Price Movement: Ethereum has formed a triple bottom pattern around $3,750, indicating a potential breakout towards $4,280 if it surpasses the $4,000 resistance level.

Market Fundamentals: The total value locked (TVL) in Ethereum's ecosystem is $372.6 billion, suggesting strong market fundamentals and potential for future growth, especially with increasing stablecoin activity.

On-Chain Activity: A record high of $27.6 billion in daily Tether transactions highlights the growing adoption of Ethereum, particularly in stablecoin transfers.

ETF Outflows: Despite recent increases in on-chain activity, exchange-traded funds (ETFs) experienced significant outflows, totaling $127.4 million, but this has not notably impacted Ethereum's price action.