Ethereum is finally gathering momentum as its price hit $4,000 for only the second time in 2024.
Meanwhile, the new Ethereum-based ICO token Wall Street Pepe is riding the hype, with its total raise surpassing $1.8 million in its first 72 hours.
Ethereum Price Rallies On Institutional Buys
The Ethereum price is rallying this week amidst unprecedented interest from Wall Street players.
At the time of writing, Ethereum is trading at $3,990 after peaking at $4,076 on Friday. It’s up 2% in the past 24 hours, 7.1% this week, and 41% this month.
An institutional rush sparked the recent rally as Ethereum spot ETFs notch their biggest-ever daily inflow on Thursday.
BREAKING: Yesterday the Spot #Ethereum ETF saw $428.44 MILLION inflow!
THIS IS THE BIGGEST INFLOW EVER!
pic.twitter.com/nknIQbR4h0
— Crypto Rover (@rovercrc) December 6, 2024
As shown on the chart below, Ethereum spot ETF inflows were low through Q3, a time when ETH notoriously underperformed rival cryptocurrencies such as Bitcoin and Solana.
However, the recent uptick in institutional interest reflects that smart money players are now bullish on the asset, which is a positive sign for its future.
Analyst Says ETH to Blast Past the $4K Ceiling
The last time ETH hit $4K, a titanium wall of selling pressure caused its price to fall back dramatically.
However, with a tailwind from the crypto bull market, ETF inflows, and President-elect Trump’s pro-crypto stance, ETH has much more momentum this time around.
This is reflected on its price chart, which shows that the rally might just be getting started.
Analyst Crypto Rover noted that Ethereum has formed a “golden cross,” which is where the 50-day moving average indicator crosses the 200-day moving average. A golden cross signals a long-term rally is unfolding as momentum turns bullish.
#ETHEREUM GOLDEN CROSS ALERT.
pic.twitter.com/duzUsyh57U
— Crypto Rover (@rovercrc) December 6, 2024
And he’s not the only one forecasting ETH to keep rallying. Analyst Nashi noted that after hitting $4K, Ethereum’s next step is likely to be $5K rather than a retracement back into old territory.
With $ETH inflows keep increasing last week, it finally broke 4k and it will likely hit 5k then 6k while DeFi Renaissance continues
As someone who mainly made it this cycle with memes, DeFi positions $AAVE and $UNI have become my biggest PnL drivers since early Dec
Both are… pic.twitter.com/gZzeHygELP
— Nachi (@alphawifhat) December 6, 2024
Nashi noted that Ethereum ecosystem tokens (specifically in the DeFi sector) also hold strong potential as Ethereum gains strength.
However, Ethereum’s momentum is providing a huge boon for its wider ecosystem tokens. For instance, the new meme coin Wall Street Pepe has enjoyed a record-breaking presale launch by raising $1.8 million in its opening three days.
New ERC-20 Token $WEPE Gains Momentum in ICO
Wall Street Pepe ($WEPE) is a brand new presale token taking the market by storm.
The project aims to help the “little guy” in crypto by equipping them with the tools and data needed to succeed.
Wall Street Pepe speaks to those who are tired of missing 1000x meme coins like Pepe, Peanut the Squirrel, and Dogwifhat. The project has multiple features that will help them catch the next one.
It’s also creating a buzz with its branding, which blends the nonchalant demeanor of Pepe coin with the ruthlessly ambitious charisma of Jordan Belfort.
Analyst Austin Hilton highlighted that Wall Street Pepe offers trading insights that provide key data, alpha calls, and insider trading strategies, concluding this will “revolutionize crypto.”
Wall Street Pepe will also have an insider trading community group so users can share trading strategies and craft plans to maximize profits.
Multiple ways to earn will also be available, such as staking and sharing trading ideas with the team.
“They’re basically offering you to come into a private group where they will be sharing early calls and a community of traders. That’s cool. This has never been done,” Hilton said.
He also noted that the presale offers investors a way to get in “on the ground floor.”
The price will rise as the presale advances, so potential buyers should act fast.
Visit Wall Street Pepe Presale
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