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.
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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.
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