CandleFocus

Ethereum’s (ETH) Year-to-Date High of $4,095 No Longer Out of Reach

Author: Content Editor
Ethereum (ETH) has experienced a strong rally, surging 29% in the past week to reach a three-month high of $3,184. This has led to speculation that ETH could soon reach its year-to-date high of $4,095. Several factors contribute to this bullish sentiment, including an increase in coin holding time by 40%, indicating growing long-term confidence among investors. Short-term holders have also chosen to hold onto their assets, reducing selling pressure. Additionally, Ethereum-backed crypto products have seen significant inflows of $157 million, signaling improved sentiment. If the uptrend continues, ETH could establish support at $3,103, paving the way for a rise towards $3,337 and potentially reaching its year-to-date high. However, increased selling pressure could invalidate this outlook and cause ETH's price to drop below $3,000.

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