Ethereum (ETH) price showed signs of consolidation in July 2025 as on-chain data flashed bullish signals.

Meanwhile, Ethereum has seen some dramatic upward moves in recent days that is threatening its sustained breakout.

This has led some analysts to question whether a push toward the $4,000 level is still on the table, given the current market setup.

Ethereum (ETH) Holding Steady as Traders Watch for a Breakout

The coin has seen several positive price moves and, as of writing, was trading at $2,962.28. It has also held above key support levels of $2,800.

In his latest post on X, trader TedPillows shared a chart suggesting that Ethereum (ETH) might be preparing for another leg up.

He mentioned that either a hold or a higher low could push ETH toward $4,000.                                              Notably, several on-chain metrics are now supporting that view. One of them is the MVRV Z-Score.

This indicator measures how far the market value is from the realized value, which helps show whether an asset is under- or overvalued.

In past cycles, whenever this score began to climb from low levels, Ethereum (ETH)’s price usually followed with substantial gains.

So far in this cycle, it has not peaked, which some believe means the rally is not yet over.

Another metric catching attention is the SOPR, which tracks whether investors are selling at a profit or loss.

It moved above one for the first time this year. Analysts noted that when this shift happens after months, it often marks a turning point.

The NUPL, which shows the gap between unrealized profits and losses, also turned positive in May and just moved above 0.3.

It is essential to add that this pattern has been linked to strong rallies in the past.

$4,000 Still Possible if Trends Continue

Amid the current trend, the big question now is whether Ethereum (ETH) has the bullish strength to reach $4,000.

The current signals suggest that it could happen if the momentum holds.

So far, this cycle has not seen the kind of extreme highs that past cycles recorded. That alone leaves some room for further growth.

Still, the market has remained cautious about over committing. At the same time, on-chain indicators are pointing up.

External factors such as trading volume, regulatory news, and overall market mood also play a role