As a seasoned analyst with over a decade of experience in the crypto market, I’ve seen my fair share of ups and downs, bull runs, and bear markets. The current state of Ethereum (ETH) is intriguing, to say the least. While it’s holding steady around $4,000, the resistance at this level seems formidable. However, the growing institutional demand for ETH is a game-changer. If history has taught us anything, it’s that when big players enter the scene, they tend to shake things up.
The price of Ethereum (ETH) currently hovers near the $4,000 region, as purchasers find it challenging to gather steam and surpass the barriers of resistance.
In spite of recent difficulties and a noticeable decline mid-week, certain experts anticipate that Ethereum might soar up to $5,000, driven by increasing institutional interest.
Ethereum (ETH) Price Action: A Recap
Currently, Ethereum (ETH) has found it challenging to surpass $4,000 due to strong resistance, with selling pressure at higher price points holding back potential buyers. Since the US elections, ETH has shown a bullish trend, experiencing significant demand growth as markets soared following Donald Trump’s win. The peak of ETH’s bull run occurred last week, reaching an intraday high of $4,093 before closing at $4,003 – a level not witnessed since March 2024. However, investor sentiment softened over the weekend, causing a slight dip on Saturday that brought the price down to $3,999. ETH managed a minor recovery on Sunday, regaining $4,000 and finishing at $4,007.
On Monday, the markets took a steep decline due to a sudden reversal, causing ETH to drop by approximately 7%, touching a low of $3,536 before bouncing back to reach $3,700 and ultimately settle at $3,715. The sellers maintained control on Tuesday as the price decreased by around 2%, reaching a low of $3,630 before closing at $3,630. On Wednesday, sellers tried to push ETH below $3,500, driving it down to an intraday low of $3,558. However, the sentiment shifted, leading to a nearly 6% rise and a close at $3,834. ETH made an attempt to surpass $4,000 on Thursday, peaking at an intraday high of $3,988. Yet, it lost steam after reaching this level and finally settled at $3,882 with a 1.26% increase.
On Friday, buyers maintained their grip, while Ether saw a slight rise to reach $3,907. Currently, in this trading session, Ether is experiencing a slight uptick as buyers aim to gather steam and potentially push toward the $4,000 mark.
What Next For Ethereum (ETH)?
After encountering significant resistance at approximately $4,000, Ethereum (ETH) might be headed towards different paths in the future. Although it has had some difficulties lately, experts are optimistic that ETH will surpass the $4,000 mark and potentially reach $5,000 as institutional interest in this asset continues to grow. If we examine the price chart, we can observe that ETH enjoys support at approximately $3,700. If selling pressure increases and exceeds this level, Ethereum could slide down to around $3,500. However, if buyers manage to maintain control and gather enough momentum, a breakthrough above $4,000 becomes a viable possibility.
Experts lean towards the second possibility, suggesting that Ethereum could potentially exceed $5,000 due to an extraordinary rise. This projection is supported by a notable upsurge in on-chain actions and a substantial influx of funds into the freshly launched Ethereum ETFs. As Ethereum gains traction as a Bitcoin alternative, investment funds have seen approximately $1.2 billion flow into them. According to CryptoQuant, such increased investor interest might propel Ethereum far beyond $5,000.
If the ongoing trends in demand and supply persist, according to valuation indicators, Ethereum (ETH) might surge beyond $5,000.
According to CryptoQuant’s analysis, the number of daily transactions has significantly increased this year, typically ranging from 6.5 to 7.5 million, which is notably higher than the approximately 5 million transactions per day observed in the previous year.
A higher level of activity on the Ethereum network suggests that more people are utilizing and requiring its services. This increase in usage indicates a rising trend in the adoption of decentralized applications.
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2024-12-14 15:23