news 
Ethereum (ETH) Completes First 2024 Golden Cross: Details
In a remarkable turn of events, Ethereum (ETH) has completed its first golden cross in 2024, sparking optimism among investors and analysts alike. This sudden surge in price has sent the cryptocurrency soaring to an eight-month high, with some predictions suggesting that it may even reach $4,000.
According to CryptoQuant’s Tomiwabold Olajide, “ETH may break above $5,000 as demand and supply dynamics strengthen.” He further highlighted that the realized price upper range, currently at $5,200, is consistent with the level seen at the pinnacle of the 2021 bull run. This suggests a high potential for additional growth.
The recent surge in investor demand has contributed significantly to this upward momentum. Ethereum ETFs have received their highest weekly inflow since launch, attracting an astonishing $854 million in just one week alone. This influx of capital has undoubtedly helped fuel the rally.
Furthermore, activity on the Ethereum network is increasing rapidly. Total daily transactions are now hovering at 6.5-7.5 million for most of 2024, compared to approximately 5 million in 2023. Additionally, the total supply of ETH has reached a staggering 120.44 million, its highest since April 2023.
As the world’s second-largest cryptocurrency by market capitalization, Ethereum is gaining traction once more. With the current trend pointing upwards, we may be witnessing a critical moment for ETH as it approaches $4,000.
Source: u.today
