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Ethereum Skyrockets to 8-Month High as Price Targets $4,000 Comeback
The cryptocurrency market has witnessed a significant surge in recent times, with numerous digital assets experiencing impressive gains. This article will focus on Ethereum (ETH), which has completed its first Golden Cross of the year.
As CryptoQuant’s Tomiwabold Olajide tweeted earlier today, Ethereum may break above $5,000 as demand and supply dynamics strengthen. His tweet also noted that the realized price upper range is currently at $5,200, a level consistent with the pinnacle of the 2021 bull run. This information suggests high potential for additional growth.
Recent trends indicate a renewed investor interest in Ethereum, which has been reflected in spot ETF holdings reaching a new record high. Data shows that Ethereum ETFs received their highest weekly inflow since launch, with $854 million being added to the market in the past week alone.
The uptrend seen in Ethereum’s daily transactions is also noteworthy. For most of 2024, these numbers have ranged from 6.5-7.5 million daily transactions compared to around 5 million in 2023. Furthermore, the total supply of ETH has reached a staggering 120.44 million, its highest level since April 2023.
In this context, Ethereum’s Golden Cross completion is particularly significant.
Source: u.today
