Ethereum Price Targets $4,093 as US Interest Surges.
What happens if Ethereum flips $4,000 resistance?
Ethereum (ETH) hovers near $3,600, driven by $26.87M in liquidations (Coinglass). With $12.76M in longs and $14.11M in shorts cleared, ETH faces critical resistance levels, marking a key moment in its price action.
Weekly Chart Highlights:
Ethereum price today: $3,600.
Ethereum has broken above a descending trendline resistance originating from March 2023.
Sustaining this breakout could push Ethereum Price to test its yearly high resistance at $4,093.
This move would signify a strong recovery phase for Ethereum.
Ethereum Price Analysis
ETH is approaching the critical $3,739 resistance level.
An inverted Head-and-Shoulders pattern was validated last week, signaling bullish potential.
A high-volume breakout above $3,739 could drive ETH toward a new yearly high of $4,522.
If bearish sentiment prevails, a pullback to $3,400 may occur.
The Relative Strength Index (RSI) remains above the neutral zone, indicating bullish momentum.
If this upward trend continues, ETH could surge to $4,000 and beyond.
Also Read: SEI Price Prediction: Will Sei Price Record A 2X Rally?
ETF Inflows and Growing Confidence
Ethereum ETFs have recorded consistent inflows over the past week, amassing over $200 million. This robust inflow suggests growing investor confidence in ETH. Comparatively, ETH ETFs have outperformed Bitcoin in attracting new investments, further reinforcing bullish sentiment..
Where is Ethereum heading post-$4000?
Coinglass data reveals significant short positions accumulating near the $4,000 level, indicating market skepticism about further price rallies. If ETH surpasses $4,000, mass short liquidations could trigger selling pressure, potentially causing a pullback to $3,800. However, a successful rebound from this level could pave the way for Ethereum to reclaim $4,000 and aim for a new all-time high (ATH).
CME Futures and USDT Supply Surge
Ethereum’s CME futures open interest (OI) recently hit a record $2.8 billion, reflecting heightened interest among U.S. investors. The futures premium surged to 14%, indicating strong bullish sentiment. Additionally, Ethereum ETFs witnessed net inflows of $225 million over the past four trading days. Investors are leveraging “cash and carry” strategies to capitalize on ETH’s high futures premium.
Ethereum’s USDT supply rose 27% November.
Tether (USDT) minted another 1 billion tokens on Ethereum, pushing its total supply on the network to $70.2 billion, a 27% monthly growth. This growth has helped Ethereum reclaim its position as the blockchain with the largest USDT supply, surpassing Tron.
Ethereum Price Prediction 2024 and Beyond
If current trends hold, Ethereum could surpass its all-time high as early as 2024. The ongoing ETF inflows, CME interest, and strong technicals suggest a bullish trajectory. By 2025, ETH could solidify its position as a key player in the crypto market, with potential price targets exceeding $5,000.