Ethereum (ETH) is on the brink of hitting new all-time highs, following in the footsteps of Bitcoin’s recent surge. The cryptocurrency has entered a crucial resistance zone, which has previously pushed prices lower after each attempt. However, this time could be different as ETH bulls are showing strength and determination to break through the zone and reach new highs.
The price of ETH has skyrocketed to nearly $4,100, a level not seen since the 2021 bull market. This surge can be attributed to a significant increase in institutional interest, with the U.S. spot ETH ETF experiencing a massive inflow of over $428.4 million in a single day. Data from Coinglass indicates that total weekly inflows have reached approximately $752.9 million, marking a record gain since the launch of the ETFs.
This influx of institutional capital is driving the ETH price rally towards the $4,000 mark, with the potential for a new all-time high by the end of 2025.
One burning question on everyone’s mind is whether Ethereum’s price will reach $5,000 in 2024. After a period of sustained growth and multiple failed attempts, ETH has finally broken above a key range, signaling a strong bullish momentum. The token was previously confined within an expanding channel following a rejection in Q1, but the recent breakout suggests that the bulls are confident in maintaining an upward trend.
The trading volume on the platform has been steadily increasing since November, leading to heightened volatility levels. This surge in volume is believed to be driven by the growing accumulation of ETFs. Additionally, the 50/200-day Moving Average has recently undergone a bullish crossover known as the Golden Cross, which is expected to further propel the ETH price rally.
Historically, when Ethereum experienced a Death Cross in August, the price plummeted by over 27% and hit lows near $2,100 amidst a surge in selling volume. Conversely, the current setup suggests that ETH price could rise by a similar margin in the coming weeks and test new highs. Analysts predict that Ethereum will surpass $5,000 and establish a new all-time high before the end of 2024, maintaining a bullish trend into the first half of 2025.
In conclusion, Ethereum’s price rally is fueled by institutional interest and technical indicators, pointing towards a potential surge in the coming months. Investors and traders are keeping a close eye on ETH as it aims to break new records and solidify its position as one of the leading cryptocurrencies in the market.