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Ethereum Skyrockets to 8-Month High as Price Targets $4,000 Comeback
In a stunning turn of events, the price of Ethereum (ETH) has skyrocketed to an 8-month high, with many analysts predicting that it may continue its upward trajectory and potentially target $4,000 in the near future.
This sudden surge is attributed to a combination of factors, including increased investor demand and strengthened supply dynamics. According to CryptoQuant, a prominent cryptocurrency research platform, the realized price upper range has hit $5,200, which is reminiscent of the peak seen during the 2021 bull run.
Moreover, it’s worth noting that Ethereum spot ETF holdings have reached an all-time high, indicating renewed investor interest in the asset. This influx of capital is expected to fuel further growth and potentially push the price higher.
Another crucial factor contributing to this rally is a significant increase in network activity. Daily transactions are now consistently hovering around 6.5-7.5 million, marking a substantial jump from last year’s average of approximately 5 million. This surge in usage is likely to continue driving demand for ETH and potentially catalyze further price growth.
Furthermore, the total supply of ETH has risen to its highest level since April 2023, now exceeding 120.44 million. As investors become increasingly optimistic about the future prospects of this digital asset, it’s reasonable to assume that they will be more inclined to hold onto their ETH rather than selling at current prices.
Source: u.today
