The recent surge in the price of Ethereum has caught the attention of traders and investors alike. After Bitcoin surpassed $107K, Ethereum managed to climb above $4000, sparking renewed optimism in the market. Many had been feeling uncertain about the future price action, but the latest rally has reignited hopes for a new all-time high, possibly in early 2025.
Ethereum has historically closely followed Bitcoin, especially during bull markets. However, the current trade setup suggests that Ethereum may be starting to chart its own course. One of the driving factors behind this independence is the influx of spot ETH ETF investments, which have increased significantly since the U.S. election results. Additionally, large ETH holders, known as whales, have been accumulating positions at levels not seen since 2017, further boosting confidence in the token’s potential.
Data from Santiment reveals a rise in the number of wallets holding at least 100K ETH, which now account for 57.35% of the total Ethereum supply. This concentration of ownership among whales is seen as a bullish indicator for the long term, signaling strong support for Ethereum’s price trajectory.
Looking ahead, many are wondering what’s next for the ETH price rally and when we can expect a new all-time high. Drawing parallels to Bitcoin’s price movements earlier in the year, Ethereum appears to be on the cusp of a breakout. If the token follows a similar trajectory, the new all-time high could surpass $5000.
Technical analysis of the weekly chart for Ethereum suggests that the token has reached a critical resistance level, with a potential breakout paving the way for further gains. The Ichimoku cloud indicator has turned bullish, confirming the upward momentum, while data from Intotheblock shows significant buying activity just below $4000, indicating strong support at these levels.
Overall, Ethereum seems poised for a major bullish move, with the potential to reach new highs possibly before the end of 2024. As the market continues to evolve, all eyes will be on Ethereum as it seeks to solidify its position as a leading cryptocurrency.