Ethereum has surged past the $3,800 USDT benchmark, recording a more than 6% increase in the last 24 hours as it edges closer to the $4,000 mark amidst turbulent market conditions. In contrast, Bitcoin (BTC) has maintained its position around $95,000.
The upward trend for Ethereum has been consistent throughout the day, with Ether currently trading at $3,774, reflecting a significant uptick of over 6% within the past 24 hours. The daily trading volume exceeding $50 billion has further bolstered the bullish momentum, indicating heightened investor interest.
Rebounding above the crucial resistance level of $3,500, Ethereum is displaying a bullish pattern with the 50-day Exponential Moving Average (EMA) crossing above the 200-day EMA. The strong buying pressure and a clear breakout above $3,700 are paving the way for a potential move towards $4,000.
Renowned on-chain analyst Ali Martinez has also observed Ethereum’s upward trajectory as it surpasses the $3,800 mark. Martinez highlighted the continued growth of the Ethereum network, with over 134,000 new ETH addresses being added daily, showcasing the expanding interest and activity within the blockchain ecosystem.
In a recent post, Martinez pointed out that in the event of a pullback, investors should monitor the $3,300 support level as a potential buying opportunity. He reiterated a mid-term target of $6,000 with a long-term outlook of $10,000 for Ethereum.
The surge in Ethereum’s price coincides with positive sentiment surrounding Ethereum Exchange-Traded Funds (ETFs). Recent data shows that Ethereum ETFs attracted $132.6 million in net inflows on December 3, marking the third consecutive day of inflows. Notably, BlackRock’s ETHA and Fidelity’s FETH led the inflows, while Grayscale’s ETHE experienced outflows.
Furthermore, analysts anticipate a golden cross for Ethereum this week, signifying a bullish trend in the long term. This technical indicator occurs when the short-term moving average, such as the 50-day MA, crosses above the long-term MA, like the 200-day MA, indicating a potential sustained upward trajectory for the cryptocurrency.