Ethereum has crossed the $4,000 mark for the first time since reaching its all-time high, signaling a major milestone. Bitcoin, on the other hand, has faced some volatility. Recently, the market saw a significant outflow of half a billion dollars in just 60 minutes, leading to concerns about Bitcoin’s price action. At the time of writing, Bitcoin is trading at $99,500 levels.
On The Paul Barron Network, analyst The Trading Parrot, said that Ethereum’s price surge comes after a strong bounce from support levels around $2.3k to $2.4k in September. This recent breakout feels different from previous attempts at $4K, as it’s the third time Ethereum has tested this level, and there’s hope that it will sustain above $4K this time.
The excitement around Ethereum’s breakout is fueled by strong momentum, with the price pushing higher after October’s breakout. The analyst has set a target range of $6.8K to $8.5K based on Fibonacci retracement levels, especially following the market’s recovery from the 2022 bear market.
Curious about Ethereum’s future? Read our Ethereum price prediction to stay ahead of the market trends and make informed decisions!
Several factors are contributing to Ethereum’s rise, including Layer 1 revenue growth, competition from Layer 2 solutions, and the upcoming Dencun upgrade, which is expected to lower fees for Ethereum users in March 2024. Despite lower fees, Ethereum’s base layer has still generated around $10.9 million in December, indicating strong underlying demand.
Ethereum’s performance is also supported by growing interest from institutional investors. The launch of Ethereum ETFs has been a game-changer, with $800 million flowing into Ethereum over the past five days alone, totaling $2.6 billion since the ETF’s launch in July. This surge in institutional inflows could be contributing to the current bullish trend.6
At the time of writing, the price of 1 ETH was $3,994.
The price of ETH might surge to a maximum of $4962 by the end of 2024.
Bitcoin’s price has been moving sideways in recent sessions, but a big breakout could be…
XRP is once again making headlines as the odds of a Spot XRP ETF approval…
The memecoin world is going through a big transformation. Where tokens once thrived purely on…
The meme coin market is heating up like never before—and 2025 might just be the…
Years ago, XRP traded under a penny, shrugged off by many who didn’t fully grasp…
Remittix is quickly gaining ground as a serious crypto player, especially after raising over $15.9…
