Is Ethereum (ETH) Poised to Reach New Heights in 2024?
Following the footsteps of Bitcoin, Ethereum is now on the verge of setting new all-time highs, with the price inching closer to the pivotal resistance zone. Despite facing downward pressure in previous encounters, this time around, the ETH bulls appear determined to break through the zone and surpass the current ATH. The resurgence of liquidity into the token is a clear indication that the rally could be unstoppable, potentially entering a strong uptrend in the discovery phase.
The price of ETH has soared to nearly $4,100, a level not seen since the 2021 bull run, thanks to a significant surge in institutional interest. The U.S. spot ETH ETF recorded a massive single-day inflow of over $428.4 million, contributing to a total weekly inflow of approximately $752.9 million, marking a record gain since the launch of ETFs.
This influx of institutional capital has been a driving force behind the ETH price rally, propelling it past the $4,000 barrier. With sustained momentum, Ethereum could potentially reach a new ATH before the end of 2025.
Will Ethereum (ETH) Price Hit $5,000 in 2024?
After a prolonged period of consolidation and multiple failed attempts, Ethereum has finally broken out of a crucial range, signaling a bullish trend ahead. The token had been trading within an expanding channel since facing rejection in Q1, but the recent breakout suggests that the bulls are confident in maintaining an upward trajectory.
The increasing volume on the platform since November has led to heightened volatility levels, driven in part by ETF accumulation. Additionally, the bullish crossover of the 50/200-day MA, known as the Golden Cross, is expected to further support the ETH price rally.
Historically, when Ethereum experienced a Death Cross in August, the price plummeted by over 27% with a surge in selling volume. Conversely, the current bullish trend is anticipated to lead to a significant price increase in the coming weeks, potentially testing new highs. It is projected that Ethereum will surpass the $5,000 mark and establish a new ATH before the end of 2024, maintaining a bullish trajectory into the first half of 2025.