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Ethereum (ETH) Completes First 2024 Golden Cross: Details
In a recent tweet, CryptoQuant noted that “ETH may break above $5,000 as demand and supply dynamics strengthen.” The realizable price upper range, which currently sits at $5,200, is consistent with the level seen during the pinnacle of the 2021 bull run, indicating high potential for additional increase.
There has been renewed investor demand for ETH. This is evident in spot ETF holdings reaching a new record high. Ethereum ETFs received their highest weekly inflow since its launch, attracting $854 million in the week.
Furthermore, Ethereum network activity continues to grow. Total daily transactions are hovering around 6.5-7.5 million for most of 2024 compared to roughly 5 million in 2023. Additionally, the overall supply of ETH has hit a record high of 120.44 million, its highest since April 2023.
It is not unusual for cryptocurrency analysts like Tomiwabold Olajide to predict price movements based on historical data and patterns.
Source: u.today
