Ethereum Price Hits $4K For The First Time Since March
Ethereum Price Hits $4000: Can ETH Reach $6,800 Next?
Ethereum has recently crossed the $4,000 mark, marking a major milestone in its recovery. The altcoin has seen a consistent rise of 28% since November 18, signaling strong momentum in the market. Despite a brief drop to $3,615 on December 5, Ethereum quickly rebounded, trading steadily above $4,000.
Golden Cross and ETH Price Momentum
Traders are optimistic about Ethereum’s potential to reach new all-time highs. Analyst Honey pointed out a “golden cross” on Ethereum’s daily chart, which has historically indicated a significant price rally. This development suggests Ethereum could be entering the early stages of a substantial surge, with some analysts calling it a "giga pump."
Ethereum Price Prediction for 2024 and 2025
Market have set ambitious Ethereum price prediction. Crypto expert Venturefounder predicts that Ethereum could reach $15,937 by May 2025, driven by its consolidation within a three-year ascending triangle pattern. For 2024, Fibonacci retracement levels suggest ETH could trade between $6,800 and $8,500.
Institutional Inflows and ETF Impact
The launch of Ethereum ETFs has been a game-changer. Since July, these ETFs have attracted $2.6 billion in institutional inflows, including $800 million in the last five days alone. This influx of funds highlights growing confidence among institutional investors, boosting the Ethereum price today.
Upcoming Dencun Upgrade: A Game-Changer?
The upcoming Dencun upgrade in March 2024 is expected to reduce transaction fees significantly, enhancing Ethereum’s appeal for users and developers. While reduced fees initially affected Ethereum’s Layer-1 revenues, they began recovering in September, with December 5 alone generating $10.9 million in fees.
Also Read: Bittensor Price Prediction 2024 - 2030
Is Ethereum Ready for $16,000?
With strong market momentum, robust institutional interest, and game-changing upgrades on the horizon, Ethereum appears well-positioned for long-term growth. Analysts believe that a sustained close above $4,000 could pave the way for ETH to retest its all-time high of $4,878 and beyond.
Keep an eye on the latest Ethereum news today as the market braces for what could be a transformative period for the world’s second-largest cryptocurrency.