Coinspeaker Ethereum (ETH) Price on Cusp of Major Bullish Uproar towards ATH Fueled by Demand from Institutional Investors
The altcoin industry has gained significant bullish momentum in the past few weeks, as Bitcoin BTC $96 269 24h volatility: 1.3% Market cap: $1.90 T Vol. 24h: $79.45 B price struggles to reach the much-hyped $100K target. The TOTAL2 market cap, which excludes only Bitcoin, has rallied more than 80% in the past five weeks to hover about $1.56 trillion on Wednesday, December 4, during the late London session.
The demand for altcoins has risen exponentially in the recent past led by large-cap altcoins such as Ripple Labs-backed XRP XRP $2.62 24h volatility: 7.0% Market cap: $149.51 B Vol. 24h: $40.53 B , Tron TRX $0.39 24h volatility: 62.4% Market cap: $33.61 B Vol. 24h: $17.18 B , and Binance Coin BNB $780.4 24h volatility: 19.9% Market cap: $113.85 B Vol. 24h: $7.02 B , among others. Furthermore, the United States, a major global economy, has signaled imminent implementation of supportive crypto regulations in the upcoming Trump administration.
Ethereum Accumulation Continues
The accumulation pace for Ether has surged in the past few days, with the overall supply of ETH ETH $3 731 24h volatility: 3.2% Market cap: $449.30 B Vol. 24h: $43.17 B on centralized exchanges having declined by over 212K in the last 24 hours. Bitfinex crypto exchange has registered the highest Ether outflows in the past seven days with more than 244K, fueled by whale investors.
The US spot Ether ETFs have continued with heightened accumulation amid the anticipated altseason on the horizon. Moreover, Bitcoin dominance has dropped by more than 6% in the past three weeks, signaling the altcoin industry has gained significant ground.
According to the latest market data, the US spot Ether ETFs have registered more than $730 million in cumulative total net inflow since inception earlier this year. As of December 3, the US spot Ether ETFs had a total net assets of about $11.22 billion after a $132 million cash inflow on Tuesday.
BlackRockh’s ETHA, and Fidelity’s FETH led with cash inflows of about $65.2 million and $73.7 million on Tuesday.
What Next?
Amid the ongoing crypto bullish outlook, Ether’s price has rallied more than 50% in the past four weeks to trade at about $3,721 at the time of this report. Consequently, the large-cap altcoin, with a fully diluted valuation of about $448 billion and a daily average traded volume of over $44 billion, has retested a crucial macro resistance logarithmic trend.
As the weekly Relative Strength Index (RSI) grinds above 63%, the daily RSI has been attempting to rally beyond the 70% level. A successful bullish breakout for Ether in the weekly time frame will likely result in a golden cross between the 50 and 200 Moving Averages (MA).
If #Ethereum $ETH experiences a pullback, keep an eye on the $3,300 support level — a potential buying opportunity.
Our mid-term target remains $6,000, with a long-term outlook of $10,000! https://t.co/mQQOjrKBFM pic.twitter.com/OEvDIV0ZpD
— Ali (@ali_charts) December 4, 2024
According to a popular crypto analyst Ali Martinez, Ether’s price is aiming for $6000 next in the midterm and at least $10k in the long haul. However, a potential downside risk could push Ether’s price towards the support level above $3,300.
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Ethereum (ETH) Price on Cusp of Major Bullish Uproar towards ATH Fueled by Demand from Institutional Investors
