thenewscrypto.com
- ETH surpasses $4,000, hitting $4,020.67 before consolidating at $3,960.98.
- The crypto market sees widespread gains, boosting trading volume by 8.26%.
Ethereum (ETH) reclaimed the $4,000 mark, reaching a recent high of $4,020.67 before consolidating. Currently, ETH trades at $3,960.98, up 3.07% in the last 24 hours. The market cap surged to $477.1 billion, representing a 3.07% increase. Meanwhile, the 24-hour trading volume spiked 8.26% to $30.34 billion, reflecting growing investor interest. The volume-to-market cap ratio stands at 6.42%, signaling strong liquidity.
Ethereum spot ETFs saw record-breaking inflows in the last trading week. The total net inflow hit $855 million, the highest weekly figure on record. BlackRock’s ETF ETHA led the surge with $523 million in inflows, while Fidelity’s ETF FETH added $259 million. This significant institutional demand highlights growing confidence in Ethereum’s long-term potential.
Bullish Indicators for ETH
The token’s price shows strong momentum on the daily chart. Immediate resistance lies near $4,025. If ETH breaks this level, it could rally towards $4,200, driven by increased ETF demand. On the downside, the first support is $3,863, aligned with the 9-day moving average. A drop below this level could test $3,771, the 21-day moving average.
The moving averages suggest bullish sentiment. The 9-day MA ($3,863) stays above the 21-day MA ($3,771), confirming a positive trend. A golden crossover in early November marked the shift to upward momentum, which remains intact. The Relative Strength Index (RSI) currently sits at 63.89, close to the 70 overbought level. The RSI average at 64.60 indicates sustained buying pressure but signals caution for potential pullbacks.
If Ethereum maintains support above $3,860, the upward trend could continue. Breaking resistance at $4,025 may open the door to $4,200. However, RSI nearing overbought levels suggests a short-term consolidation is possible. Strong ETF inflows and rising trading volume will remain key catalysts for Ethereum’s next move.