As a seasoned researcher with years of experience navigating the cryptocurrency market, I must admit that I find myself increasingly optimistic about Ethereum’s current trajectory. My first encounter with ETH was back in 2016, when it was still struggling to break past the $10 mark – now, watching it consistently move towards $4,000 is nothing short of awe-inspiring.
In simpler terms, the second-biggest digital currency, Ethereum (ETH), is pushing toward a value of $4,000, even as the overall cryptocurrency market experiences fluctuations. Yesterday, Bitcoin (BTC), the most prominent cryptocurrency, dipped to around $93,720, but has since risen to its current price of $96,350.
Optimism on Ethereum market
Currently, Ethereum has been steadily increasing throughout the day. Right now, a single Ether is being traded for approximately $3,743, representing a 5.74% increase over the past 24 hours and a 6.73% rise over the last week.
The significant rise in daily trading volume (up by 4%) strengthens the positive trend, surpassing $42 billion. This spike indicates a heightened interest among investors in the Ethereum market.
It appears that Ethereum’s recent performance suggests it could be gearing up for a significant rise towards the key price point of $4,000. According to U.Today, Ethereum has managed to climb above a pivotal resistance level at $3,500, which is one of its most solid selling points.
Furthermore, Ethereum exhibits a positive trend, signaled by the 50-day Exponential Moving Average (EMA) surpassing the 200-day EMA.
Additionally, a robust demand and a significant price surge beyond $3,700 may propel a further increase towards $4,000. Yet, signs of decreasing trading activity could potentially slow down or even reverse this trend.
Ethereum ETFs make comeback
The Ethereum price’s surge comes amid positive Ethereum Exchange-Traded Funds (ETFs) sentiment.
Based on information from Farside, Ethereum Exchange-Traded Funds (ETFs) recorded a total of $132.6 million in investments on December 3. This is the third day in a row that these ETFs have experienced inflows, indicating a growing interest among institutional investors in Ethereum.
Based on the analysis of Farside data, I find that BlackRock’s ETHA emerged as the frontrunner, attracting inflows amounting to $65.3 million. Not far behind, Fidelity’s FETH managed to secure inflows totaling $73.7 million.
As a crypto investor, I’ve noticed that Grayscale’s Ethereum Trust (ETHE) experienced withdrawals amounting to $6.4 million recently, while the rest of their funds remained stable with net-zero inflows. However, the market is eagerly waiting to witness the potential effect these recent inflows might have on Ethereum’s price.
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2024-12-04 19:30