CandleFocus Ethereum could see new all-time high above $5,000, on-chain data signals bullish momentum
2024-12-13
Author: Content Editor
Ethereum (ETH) is experiencing increased bullish momentum and could potentially reach a new all-time high above $5,000. The growth of Ethereum exchange-traded funds (ETFs) and their sustained buying pressure could contribute to upward price momentum. Similar to Bitcoin, Ethereum could see positive sentiment due to the launch of ETH ETFs. Ethereum network activity has also increased, with more daily transactions and contract calls. The amount of ETH burned via transaction fees has risen, helping to limit the growth in ETH supply. Valuation metrics suggest that Ethereum could reach a maximum of $5,200 in the current market cycle. However, there is a major resistance level at $4,000, and a rejection could lead to a drop in price. Currently, indicators suggest a dominant bullish sentiment for Ethereum.
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