Ethereum is showing a bullish trend, forming a bull flag on the daily chart with potential to reach $4,000. The price of Ether rose by 56% to $2,734, attributed to increased network activity and an upswing in transaction fees, which reached a three-month high. The daily transaction count has grown by 37% over the last month, reminiscent of previous high-demand periods. Alongside this, Ethereum’s total value locked (TVL) has surged to $65.3 billion, marking a 44% increase in just 30 days. High transaction fees signal more users are engaged in various functions on the network, indicating a positive market sentiment. Historically, Ether’s price has tended to increase during high utilization periods, further supporting the bullish outlook. Crypto analyst Michael van de Poppe emphasizes the need for Ether to maintain support at $2,400 to sustain the momentum towards higher targets.

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