Ethereum (ETH) Price Jumps 5% Moving Closer to $4,000, New All-Time High Soon?

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Ethereum (ETH) Price Jumps 5% Moving Closer to $4,000, New All-Time High Soon? – Crypto News

Published

1 year ago

May 27, 2024

Dripp

Ethereum bulls are turning active once again before the spot Ether ETFs go live for trading in the coming two months. In the last 24 hours, the Ethereum (ETH) price has bounced back again by 5% and is currently trading at $3,957 with a market cap of $469 billion. Also, the daily trading volumes for Ethereum have skyrocketed by 68% to nearly $17 billion.

Ethereum (ETH) Price Eyes Breakout Above $4,000

Rekt Capital, a prominent crypto analyst, stated that Ethereum (ETH) requires a weekly close above $3956 to move into the $4000+ range. Currently, ETH is forming a lower high, but it has spent significant time around the $2791 level, historically a precursor to an upside movement back to approximately $4000.

Rekt Capital emphasized that a weekly close above the orange box level is inevitable and will confirm that the bulls have regained momentum. The analyst’s observations highlight the critical thresholds ETH must surpass to continue its bullish trajectory.

Soon after the news of the spot Ether ETF last week, the ETH price consolidated for a while before resuming the recent uptrend. On the weekly chart, Ethereum poses a healthy 27% gain suggesting a solid uptrend going ahead.

ETH Price to Reach $4,500 Before ETF Goes Live

Arthur, the founder of DeFiance Capital, predicts that Ethereum (ETH) will reach $4,500 before the commencement of spot ETH ETF trading. Supporting this optimistic outlook, a survey by WuBlockchain within the Chinese community reveals that 58% of respondents believe ETH can surge to $10,000 or more in the current market cycle.

4.5k before spot ETF go live for trading imo.

— Arthur (@Arthur_0x) May 26, 2024

Crypto investors widely anticipate significant institutional demand for Ethereum (ETH) in the coming weeks. In anticipation of this influx, large Ethereum investors have been making substantial purchases since the ETF approval announcement.

A Santiment chart reveals real-time changes in the balances of ETH coins held by the top 1,000 largest wallets. On May 19, these top investors collectively held 76.01 million ETH. Following the news from Bloomberg analysts on May 20 about the SEC’s impending approval of ETH ETFs, these “whales” increased their buying activity. As of May 26, the top 1,000 Ethereum wallets now hold 76.52 million ETH, indicating an acquisition of 510,000 ETH in just five days.