After several weeks of consolidation, Ethereum (ETH) price has surged significantly, breaking through multiple resistance levels. Following the recent U.S. elections, the market has experienced sustained upward momentum, indicating further increases may be on the horizon. The top token has stabilized above $3,100, a level it has not reached in 14 weeks. This surge has set new highs, and analysts are closely monitoring the token's potential to test the $4,000 threshold in the near future.
Ethereum's price surpassed $3,100, sparking speculation of a future rise to $4,000
Ethereum's price surpassed $3,100, reaching the highest level in 14 weeks and reigniting market optimism. This price increase highlights Ethereum's sustained growth, solidifying its position as the second-largest cryptocurrency by market capitalization.
Key sentiment data shows a significant increase in whale trading volume, with activity from high-value accounts being noteworthy. Recently, these trading volumes reached 8,482 transactions, the highest level since August 4, indicating a strong interest from major stakeholders. Such whale activity is often a precursor to price movement and enhanced market momentum.
Ethereum's trading volume also reached an astonishing $10.4 billion, the highest level since August, indicating strong network activity. This trend suggests growing confidence in Ethereum's potential for continued upward movement, with speculation that Ethereum could rise to $4,000.
Market observers expect that if Bitcoin continues its current bull run, some profits may flow into Ethereum. With increasing investor interest and healthy network activity, this shift could propel Ethereum closer to its all-time high.
Market surges, ETH price skyrockets
This week, the price of Ethereum has surged significantly, rising sharply alongside Bitcoin as it hit an all-time high. Bitcoin broke through $80,000, sparking interest across the entire cryptocurrency market. In line with market trends, the latest ETH price increased by over 28% within the week, trading at approximately $3,146 as of Monday.
In the current bullish trend, Ethereum's price could reach $4,000, potentially rising by 27%. Ethereum's price is showing good momentum, having recently broken the $3,150 level. A steady climb above this level indicates strong support, laying the groundwork for further increases in Ethereum.
The Relative Strength Index (RSI) on the daily chart reflects an overbought condition, currently at 72, well above the neutral level of 70.
Ethereum's price momentum suggests it has strong support and the potential for further increases. With increased whale activity, bullish sentiment remains high. If the current trend continues, the $4,000 target seems achievable.
