As a researcher, I am observing an upturn in the digital currency landscape today, with the value of Ethereum (ETH) taking center stage. Over the last 24 hours, the collective market capitalization has increased slightly by 0.22% to reach approximately $3.3 trillion. Given its status as the second-largest coin, the possibility of ETH prices continuing this upward trend and surpassing the $4,000 mark is still a topic of debate and speculation.
Ethereum Price: Product of Changing Metrics
As per recent market figures, Ethereum has risen by 2.2% in the last 24 hours to reach $3,267.90. Over this timeframe, the coin’s value fluctuated from a low of $3,219.69 to a high of $3,319. Although there has been an increase, key Ethereum metrics such as trading volume have seen a decrease. This particular metric, which measures the current liquidity within the ecosystem, currently stands at $13.25 billion – a drop of 57.57%.
Despite a large volume of transactions, the price of Ethereum moved in the opposite direction compared to the activities of the whale accounts. According to IntoTheBlock’s data, these major investors transferred only about 1.96 million ETH with a total value of approximately $6.37 billion during this past night.
As a point of information, during that timeframe, Dogecoin achieved a significant milestone with whale transactions amounting to approximately $23.35 billion, despite having a smaller market cap compared to other cryptocurrencies.
An earlier examination of ETH’s price seemed to predict a possible return to a fresh peak, but recent on-chain indicators lean towards a more bearish outlook.
Prospect of ETH Price to $4,000
Since its drop on December 17, Ethereum has made multiple unsuccessful efforts to surpass the $4,000 barrier of resistance.
The 4-hour ETH/USDT chart indicates a decrease in price fluctuations. Lately, there’s been a significant drop in price which has pushed the Relative Strength Index (RSI) close to the oversold territory at around 42. Moreover, the Moving Average Convergence Divergence (MACD) line is now above the signal line, suggesting that a change in trend direction may be imminent.
The tight grip of the Bollinger Bands suggests that the volatility of Ethereum’s price has diminished. If the key indicators as interpreted by individual traders show a positive trend, this modest price increase could potentially propel ETH to reach new heights.
Based on recent data from Santiment, I’ve noticed an increase in the number of Ethereum (ETH) holders this year. This suggests that a significant number of people have faith in the long-term potential of the coin, which could potentially lead to another price surge.
Ambitious ETH Forecast Ahead
There’s good reason to remain hopeful about Ethereum’s price. For one, the Pectra update is progressing well and is expected to roll out in Q1. Furthermore, developers have planned for the Fusaka Upgrade following Pectra, indicating a consistent effort towards enhancing the protocol’s functionality.
The improvement in this ecosystem is causing asset managers such as Bitwise to anticipate a $7,000 price prediction for the cryptocurrency. Although reaching a $4,000 rise in January could be challenging, there’s still much optimism about greater growth throughout the year.
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2025-01-12 21:11