Ethereum has recently achieved a significant milestone, surpassing the $3,800 mark with a remarkable 6% increase over the last 24 hours. This upward trend is part of Ethereum’s ongoing journey toward the coveted $4,000 threshold, even as the broader cryptocurrency market experiences volatility. In contrast, Bitcoin (BTC), the flagship digital currency, remains steady at its $95,000 level.
Ethereum’s Continued Uptrend
Throughout the day, Ethereum has demonstrated a consistent upward movement. As of now, Ether is trading at approximately $3,774, reflecting an over 6% increase in just 24 hours. The daily trading volume of Ethereum has soared past $50 billion, further bolstering the bullish momentum and indicating heightened investor interest. Ethereum’s recent breakthrough above the critical resistance level of $3,500 has reinforced its bullish pattern, as evidenced by the 50-day Exponential Moving Average (EMA) crossing above the 200-day EMA. This significant buying interest and a decisive breach above $3,700 set the stage for Ethereum’s potential rally toward the $4,000 mark.
Analysts’ Viewpoint
Prominent on-chain analyst Ali Martinez has also observed Ethereum’s impressive upward trajectory as it climbed beyond the $3,800 level. He remarked, “At $2,400, they said #Ethereum $ETH was dead. At $3,800, everyone wants a piece of it.” Martinez further emphasized the consistent growth of the Ethereum network, with over 134,000 new ETH addresses being added daily. This steady adoption underscores the increasing interest and activity on the Ethereum blockchain.
In a previous analysis, Martinez suggested that in the event of a pullback, investors should closely monitor the $3,300 support level, which he identified as a potential buying opportunity. He shared his insights, stating, “Our mid-term target remains $6,000, with a long-term outlook of $10,000!”
ETH ETF Adding To The Momentum
The recent surge in Ethereum’s price is bolstered by positive sentiment surrounding Ethereum Exchange-Traded Funds (ETFs). Notably, Ethereum ETFs recorded $132.6 million in net inflows on December 3, marking the third consecutive day of inflows for these financial instruments. Among these, BlackRock’s ETHA led the way with $65.3 million in inflows, followed closely by Fidelity’s FETH, which attracted $73.7 million. However, Grayscale’s ETHE experienced outflows totaling $6.4 million, while other funds maintained net-zero inflows.
This growing interest in Ethereum ETFs reflects the broader market’s confidence in the cryptocurrency and its potential for sustained growth. As institutional investors continue to show interest, Ethereum’s price movement could gain further momentum in the coming days.
