ETH Completes First Golden Cross of the Year Amid Strengthening Investor Demand and Network Activity Growth
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Ethereum (ETH) has made a significant breakthrough by completing its first Golden Cross of the year. This milestone is seen as a strong indication that investor demand and supply dynamics are strengthening, potentially leading to an upward surge in ETH’s price.
According to CryptoQuant analyst Tomiwabold Olajide, there are indications that ETH may break above $5,000 due to these factors. The realized price upper range currently stands at $5,200, which aligns with the level seen during Ethereum’s 2021 bull run. This suggests that there is a high potential for additional growth.
The latest news has further reinforced this positive trend, as investor interest in ETH has reached new heights. Spot ETF holdings have set a new record high, with a weekly inflow of $854 million – the highest since launch.
In addition to this, Ethereum’s network activity continues to grow at an unprecedented rate. Transactions per day are now averaging 6.5-7.5 million, significantly higher than the approximately 5 million seen in 2023.
Furthermore, there has been a significant increase in ETH supply levels, with a current total of 120.44 million tokens – its highest since April 2023.
These statistics collectively suggest that Ethereum is poised for a strong comeback and may break above $4,000, which is the target for many investors.
Source: u.today
