Will Ethereum Reach a New All-Time High Above $5K?
- Ethereum (ETH) has broken the $4K zone, hitting an intraday high of $4,093, following BTCs surge to $100K.
- Ethereum ETFs have seen a record-breaking $836.7 million in weekly inflows.
After an 8-month consolidation phase, Ethereum (ETH), the second largest cryptocurrency, climbed back to the $4K zone and recorded an intraday high of $4,093.
The cryptocurrencys rally was propelled by Bitcoins impressive rise above $103K, which has driven positive momentum for Ethereum and other leading altcoins in the crypto market. ETHs surge has been gaining strength over the past few days, and analysts are optimistic about its potential to extend these gains, with some predicting the altcoin could hit the $5K range.
Despite the recent surge, Ethereum faced crucial resistance at $4,100, which has acted as a key rejection level in the past. In March 2024, ETH similarly surged above the $4,000 level, only to encounter a setback at $4,100. However, Ethereum remains trading above the $3,950 range, signaling the possibility of further gains. If the price can stabilize around $4,000, experts suggest a target of $4,500 could be next.
However, a key factor for Ethereums price rally is the recent surge in Ethereum ETFs. The spot ETF saw net inflows of $83.7 million on Dec 6 and a record-breaking $836.7 million in inflows over the past week.
Ethereums Bullish Momentum Signals a Potential Breakout
As of today, Ethereums price has risen by 6.67%, testing a high of $4,093 and a low of $3,837, with the asset trading at $3,994 at press time. Meanwhile, ETHs daily trading volume stood at $47.88 billion.
Ethereums technical indicators also support the bullish outlook. The 50-day MA has crossed above the 200-day MA on the daily price chart, confirming a golden cross pattern, which typically signals significant upward momentum.
The last time ETH witnessed a golden cross was in November 2023, after which it rose from nearly $1,800 to a high of $4,099 in March this year.
Further, Ethereums RSI stands at 64, indicating a strong bullish trend and its CMF reading of 0.20 suggests positive money flow into the asset.
With Ethereum currently trading at $3,989, its just 18.5% away from its previous all-time high of $4,891recorded on Nov 16, 2021. If the rally persists, ETH could soon break its record and potentially push above the $5,000 mark.
Read more: https://thenewscrypto.com/will-ethereum-reach-a-new-all-time-high-above-5k/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
