After Bitcoin, it’s time for the second-largest crypto, Ethereum, to mark new highs, which appear to be an inch away. The price has entered one of the pivotal resistance zones, pushing the prices lower after every contact. However, it could be different this time as the ETH bulls seem poised to surpass the zone and the current ATH. Moreover, liquidity is flowing back into the token, suggesting the rally could be unstoppable and may continue strongly within the discovery phase.
The ETH price surged to the highest price, close to $4,100, not seen in the past three years since the 2021 bull run. This is reportedly due to a magnificent increase in institutional interest, with the U.S. spot ETH ETF recording one of the largest single-day inflows of over $428.4 million. The data from Coinglass suggests the total weekly inflows stand at around $752.9 million, which is a ‘record gain’ since the launch of the ETFs.
This could be the prime reason for the ETH price rally, which has reached the $4000 barrier and a sustained rise may pave the way for a new ATH before the end of 2025.
Will Ethereum (ETH) Price Reach $5000 in 2024?
After a sustained upswing & multiple failed attempts, the ETH price has broken above a pivotal range, which is expected to offer a strong boost for the rally. The token was stuck within an expanding channel since the rejection it faced in Q1, hence the current rise beyond the range suggests the bulls are self-assured of keeping up an elevated trend hereafter.
The volume over the platform has been rising consistently since November, which has kept the volatility levels pretty high. This has also increased the volume of the platform which is believed to be influenced by the increasing ETF accumulation. Importantly, the 50/200-day MA has undergone a bullish crossover termed as Golden Cross, which is expected to offer a fine boost to the ETH price rally.
Previously, when the Etheurem faced a Death Cross in August, the price plunged by over 27%, marking the lows close to $2100 with a huge rise in the selling volume. Meanwhile, the ETH price is believed to follow the pattern and rise with a similar margin in the coming week and test the highs. The Ethereum (ETH) price is expected to form a new ATH above $5000 before the end of 2024 and keep up the bullish trend in the first half of 2025.
