Ethereum has crossed the 3,800 USDT benchmark with an increase of over 6% in the past 24 hours, continuing its movement toward $4,000 amidst broader market volatility. Bitcoin (BTC), the leading digital asset, on the other hand, is holding to its $95k level.
Ethereum has consistently moved in an uptrend during the day. Currently, Ether is trading at $3774, up over 6% in the past day. Its daily trading volume that has surpassed $50 billion has further fortified the bullish momentum, reflecting increased investor activity.
It has recovered above the critical resistance level of $3,500, and moreover ETH shows a bullish pattern, as indicated by the 50-day EMA crossing above the 200-day EMA. The strong buying interest and a clear break above $3,700 pave the way for a higher move toward $4,000.
Analysts Viewpoint
A prominent onchain analyst Ali Martinez also noted Ethereum’s upward trajectory as it made its way beyond the $3,800 level. “At $2,400, they said #Ethereum $ETH was dead. At $3,800, everyone wants a piece if it,” he noted.
He also highlighted that the Ethereum network is showing consistent growth, with over 134,000 new ETH addresses being added daily. The steady adoption highlights the growing interest and activity on the blockchain.
In a previous post, he had also shared that if ethereum experiences a pullback, keep an eye on the $3,300 support level, which he called a potential buying opportunity. “Our mid-term target remains $6,000, with a long-term outlook of $10,000!” he shared.
ETH ETF Adding To The Momentum
The Ethereum price’s surge comes amid positive Ethereum ETF sentiment. Notably, Ethereum ETFs showed $132.6 million in net inflows on Dec. 3, that marks the third consecutive day of Ethereum ETF inflows.
BlackRock’s ETHA led with inflows of $65.3 million. Fidelity’s FETH followed behind with $73.7 inflows. However, Grayscale’s ETHE witnessed outflows reaching $6.4 million, while the remaining funds registered net-zero inflows.
Golden Cross Soon!
Moreover, analysts note that the Ethereum price is heading to a golden cross this week. This golden cross occurs when a short-term moving average (MA), like the 50-day MA, crosses a long-term MA, like the 200-day MA. This typically indicates that the crypto in question is set to enjoy a long-term upward trend.
