Ethereum Trades in $1.2K–$1.6K Zone as Analysts Cite 4x Upside Potential and Rising Network Activity

Ethereum has fallen more than 60% from its 2021 all-time high and now trades near $2,000 after a 4% weekly decline, with analysts noting that on-chain activity and historical price patterns may shift the outlook. Analyst Merlijn The Trader said on Saturday that ETH is "entering the zone that decided the last cycle," referencing the $1.2K–$1.6K range where it previously bottomed; he added that holding $1.6K could allow buyers to regain control, while a break below would shift focus to deeper liquidity, and noted that defending this zone last time preceded a 4x move that would now place ETH above its near-$5,000 peak. Separately, analyst CW reported that Ethereum daily transactions have risen back above 2 million after dropping from over 2.5 million earlier this year, calling it a bullish signal despite the recent price drop.