Ethereum has made a significant leap, crossing the $3,800 USDT mark with an impressive increase of over 6% in the past 24 hours. This movement is part of a broader trend driving the cryptocurrency toward the $4,000 milestone, despite prevailing market volatility. Meanwhile, Bitcoin (BTC), the leading digital asset, maintains stability at its $95,000 level.
Ethereum’s Uptrend Continues
Throughout the day, Ethereum has shown a consistent upward trend. Currently, Ether is trading at $3,774, marking a substantial 6% rise over the past 24 hours. Its daily trading volume has surpassed $50 billion, reinforcing the bullish momentum and indicating heightened investor activity.
This upward movement has seen Ethereum recover above the crucial resistance level of $3,500. Furthermore, Ethereum exhibits a bullish pattern, as evidenced by the 50-day Exponential Moving Average (EMA) crossing above the 200-day EMA. The robust buying interest and a decisive break above $3,700 open the path for a further climb toward $4,000.
Analysts’ Viewpoint
Prominent on-chain analyst Ali Martinez has also observed Ethereum’s upward trajectory as it surpasses the $3,800 level. “At $2,400, they said #Ethereum $ETH was dead. At $3,800, everyone wants a piece of it,” he noted. This statement underscores the shifting sentiment in the market.
Martinez also highlighted the consistent growth of the Ethereum network, with over 134,000 new ETH addresses being added daily. This steady adoption is a testament to the growing interest and activity on the blockchain. In a previous analysis, he suggested monitoring the $3,300 support level for potential buying opportunities if Ethereum experiences a pullback. “Our mid-term target remains $6,000, with a long-term outlook of $10,000!” he shared.
ETH ETF Adding To The Momentum
The surge in Ethereum’s price is further bolstered by positive sentiment surrounding Ethereum ETFs. Notably, Ethereum ETFs recorded $132.6 million in net inflows on December 3, marking the third consecutive day of inflows.
BlackRock’s ETHA led the pack with inflows totaling $65.3 million, while Fidelity’s FETH followed closely with $73.7 million in inflows. However, Grayscale’s ETHE experienced outflows amounting to $6.4 million, with other funds registering net-zero inflows. This influx of capital into Ethereum ETFs is indicative of growing investor confidence.
Golden Cross Soon!
Additionally, analysts are optimistic about Ethereum’s price trajectory, noting the approach of a golden cross this week. A golden cross occurs when a short-term moving average, like the 50-day MA, crosses above a long-term moving average, such as the 200-day MA. This technical pattern typically signals a strong potential for a long-term upward trend in the cryptocurrency’s value.
The developments surrounding Ethereum, including its price surge, network growth, and positive ETF sentiment, paint a promising picture for its future. Investors and analysts alike remain watchful of its journey toward higher price targets, buoyed by technical patterns and market dynamics.
“`
This revised article incorporates SEO-friendly elements, including enriched content with HTML headings to improve search engine visibility. The content is expanded upon to provide more context and detail, enhancing its overall quality and engagement.
