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While the price of BTC reaches new all-time highs by conquering the level of 100,000 USD, in the newsroom the price of Ethereum (ETH) is trading at 3,935 USD, with daily gains of 4.84%, weekly gains of 10.6% and monthly of 59%.
ETH seems to be preparing to climb a new level in its price and its investors are beginning to dream of all-time highs. What factors are pushing ETH price higher?
Factors that are driving the price of ETH
First of all, it is worth noting that Ethereum ETFs have seen a significant increase in their investment, with $133 million added on December 3. Thus they added a total of 714.6 million during 7 days (counting from December 3).
This significant rise comes after a record weekly inflows into ETFs in November, due to growing demand for these instruments. Furthermore, it suggests an increase in institutional investment in this crypto asset.
On December 3, the total net inflow of Ethereum spot ETFs was $133 million, and net inflows continued for 7 consecutive days. The net inflow of Fidelity ETF FETH was $73.7239 million, and the net inflow of BlackRock ETF ETHA was $65.2929 million. https://t.co/Tvs2oCSxTg pic.twitter.com/HOPyOqmXGU
— Wu Blockchain (@WuBlockchain) December 4, 2024
“On December 3, total Ethereum spot ETF net inflows were $133 million, and net inflows continued for 7 consecutive days. “Fidelity ETF FETH net inflow was $73.72 million, and BlackRock ETF ETHA net inflow was $65.29 million.”
Monthly transactions are also experiencing a record for ETH and highlight an increase in activity on this network: According to figures from IntoTheBlock, in November, Ethereum activity reached significant levels, with monthly transactions exceeding 180 billion dollarsthe highest monthly volume in almost three years.
Finally, it is worth mentioning the growth of this network: the average number of new wallets on Ethereum has risen to 134 thousand new addresses daily. Which highlights the constant increase and growing activity of this network that we already mentioned.
ETH Chart Analysis: Ranges to Watch Out for
ETH price surpassed the key $3,454 level that we mentioned in the last analysis, enabling the current levels. Furthermore, the price is trading above all of its moving averages, a sign that the bulls are in control.
Analysis of ETH charts. Source: TradingView.
Right now, the price is struggling to reach and surpass the strong psychological resistance of $4,000. If it reaches this line, the price could face a double top at USD 4,100, a record level that it reached on March 11, 2024 and from which it corrected.
Exceeding the previous ranges would lead to significant growth for ETH with other resistances at levels as high as 4,400 USD.
Regarding the supports, we can establish the first of them at 3,763 USD, which corresponds to the 25-period EMA and subsequently the current level of the 100-period EMA or 3,511 USD.
Finally, there is a fairly strong support line around $3,500 which corresponds to the 100 EMA.
For its part, the RSI at 73.85 points shows that the price is not oversold and that the bulls are in control.
Other important facts to keep in mind about ETH
On the newsroom, open interest in ETH futures has reached a record $25 billion, with an increase of $1.3 billion in the last 24 hours. Which signals new leveraged positions in the market.
The “lagging” NFT market is also showing positive signs.
In the last 30 days, NFT sales on Ethereum reached more than $253 million. An increase of more than 32%, placing it above other blockchains in terms of NFT sales, according to data from CryptoSlam.
While these figures are positive, so are the bullish perspectives, which is why projections point to levels as high as $5,000.
«Resistance turned into support. “It looks like ETH is ready for the push towards $5,000 and beyond.”
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