Key Takeaways
- ETH’s price jumped 60% in one month, inching toward its all-time high of $ 4,880.
- Over $2.3 billion flows into spot Ethereum ETFs over six days, sparking a bullish price rally for the crypto asset.
- Crypto experts and traders speculate that ETH could rise as high as $6,000 once it trades above $5,000.
Ethereum’s price has been in a red-hot price rally, gaining strong market buzz in the last few weeks, following the price of the largest second cryptocurrency asset nearing a potential new all-time high just below the yearly high of $4,880.
Despite a previous market scare that saw the price of Ethereum (ETH) trade around $3,500, the crypto asset has cleared its market decline in a single month with 60% gains as the price marches to a potential new high of $6,000 based on market speculation.
Ethereum Trades Below $4,880 Ahead of Breakout
ETH’s price in the last few days has drawn a lot of market comparison from crypto experts, especially TedPillow, who believes the current market actions of ETH are a replica of BTC price action in the previous bull market of 2017, as the price could pull a strong price rally to $10,000.
We cannot write off such market speculations. The interest in ETH has increased so much following institutional interest in accumulating Ethereum for the long run.
Despite such market gains, experts speculate there will be more FOMO for the crypto asset in the coming weeks as soon as the price of ETH breaks above its all-time high of $5,000.
With the increase in Ethereum spot ETF from institutions, price has the potential to bridge its previous highs towards $5,000 and subsequently $6,000 after years of trading below $4,880.
ETH Price Analysis
Ethereum’s Open Interest has gained strong bullish momentum following the price to new highs, building on the current market sentiment of bullish price action for the second largest cryptocurrency by market cap.
Additionally, ETH’s social volume has begun showing bullish actions too after years of dormancy, indicating market adoption and hype on its current price could boost price to the upside.
Source – ETH Price from TradingView
Building on current market bullish actions for price, Ethereum breaking out above $4,880 could spark a bullish price rally in the coming weeks as price remains dominant, influenced by bulls.
In summary, the price of ETH will continue to rally higher as the price nears a new all-time high of around $5,000 and would see more upside potential based on speculations.
Related Read
$6,500 is the Magnet Target for ETH Above $4,200 – Crypto Expert
