Recently, the Ethereum (ETH) market dynamics have attracted attention, with its price movement exhibiting characteristics of building strength, which is analyzed as forming a "bull relay platform". Multiple indicators show that ETH may be entering a new rising cycle.

On-chain data shows that Gas fees are gradually rising, which usually indicates an increase in network activity. Meanwhile, the highly anticipated Dencun upgrade is about to be implemented, which is expected to bring substantial improvements to the Ethereum ecosystem and further boost its development momentum.

From a price perspective, around $3400 is viewed as an important support area in the current cycle. Market participants generally believe that if this key level can be broken, ETH is expected to move towards a target price of $7000. This potential doubling space is attracting close attention from investors.

However, the cryptocurrency market has always been highly volatile, and investment decisions need to be based on thorough research and risk assessment. Although market sentiment is bullish, rational analysis and cautious operations are still crucial.

As the Ethereum ecosystem continues to develop and improve, its applications in decentralized finance (DeFi), non-fungible tokens (NFT), and other areas are continuously expanding, all of which could have a profound impact on its future value. Investors should closely monitor technological developments, changes in the regulatory environment, and overall market trends to make informed investment decisions.