Ether prices may soon see the strongest rally. The current trading range is one of the most superior buying areas to enter the trade. Cryptocurrency King started trading with a 2% gain in February. In addition, the on-chain indicator is slowly turning green and a 38% breakout is expected.

Ether prices have been in a tight spot since November, signaling the imminent start of a fast rising breakout. The number of active addresses, foreign exchange reserves and whale additions suggest a bullish divergence.

Can the price of Ether reach $37,000

Ether is quietly moving towards a new low. According to a recent analysis of Santiment ETH trading addresses, it has been staying above a much higher level. However, the address activity ratio has not been as high since August 2021, when the cottage coin gained +51%.

Current address activity could lead to at least 38% bullish divergence. If we look at the historical trend, whenever address activity peaks, the asset will see good positive momentum.

Despite rapid fluctuations since November, Ether Whale addresses have resumed trending assets to non-exchange addresses. Currently, the top 10 non-exchange wallets hold over 24.31 ETH, while the top 10 exchange addresses hold just 5.83 million ETH.

Furthermore, veterans in the cryptocurrency space believe that Ether is completely undervalued and that it is actually trading at around $10,000 right now. In addition to the aforementioned bullish indicators, other on-chain indicators such as Thermocap market capitalization, exchange deposits, and profit supply percentage have turned positive.

Overall, if ETH price closes above $2.8k per week, we expect a 38% breakout in the coming days. However, Ether's upside trajectory is likely to be limited to an overhead resistance level around $37k.