Ethereum (ETH) has experienced a tumultuous ride since its last bull run in March 2024, with its price plummeting nearly 30% and struggling to maintain a level above $3,000. However, the bulls have shown mercy, and ETH has managed to reclaim this region, currently oscillating between $2,980 and $3,041 .

The recent 24-hour surge of 3.17% in Ethereum's price is attributed to Bitcoin's upward movement, which is seen as a potential catalyst for an Ethereum bull rally. Ethereum's price fluctuates within the boundaries of a symmetrical triangle pattern. A decisive break above $3,100 is deemed essential to reinforce the trend and pave the way for higher price levels. The 50-day Exponential Moving Average (EMA) acts as a price resistance level, and a breach above this indicator would signify strong buying pressure.

The release of the US Consumer Price Index (CPI) inflation rate has driven investors towards the stock and cryptocurrency markets, propelling Bitcoin to hit $66,000 and triggering a ripple effect on other coins. Two primary fundamentals are expected to influence Ethereum's price action: the eco-friendly impact of the Dencun upgrade and the highly anticipated Ethereum ETF approval. Positive news regarding either of these factors could ignite a significant upward rally for the second-largest cryptocurrency.

Another crucial indicator to monitor is the Market Value to Realized Value (MVRV) ratio, which helps determine whether an asset is overvalued or undervalued. A high ratio suggests an overvalued state, while a lower ratio indicates a potential buying opportunity. Ethereum's MVRV ratio has been on a downward trend since March, signaling an increasingly attractive buying prospect.