Ethereum Hits 3-Year Price Milestone; Will $5K Be Next?
O Ethereum (ETH) is on the rise and breaking barriers! After more than three years, the second-largest cryptocurrency by market cap has finally surpassed the $4.100 mark, a level that had been seen as a major hurdle for investors.
The euphoria surrounding cryptocurrencies, which has been growing in recent months, is one of the main factors driving Ethereum's rise. As the end of the year approaches, investors are more optimistic and looking for new investment opportunities.
Santiment platform analysts, observed that a large portion of ETH is held by whales. According to the analysis, there are currently 104 whale wallets holding at least 100 Ethereum. The data revealed that their combined holdings are 57,35% of all ETH tokens in existence, currently worth approximately $333,1 billion, underscoring a long-term bullish signal for the second-largest cryptocurrency.
“Meanwhile, wallets with 100-100K hold their lowest supply ratio in history at 33,46%. And wallets with less than 100 ETH hold a nearly 4-year low of 9,19%. With the caveat that the #2 market cap is increasingly comprised of DeFi and staking wallets, it’s still generally a bullish long-term sign when major stakeholders of a coin continue to accumulate… especially when it’s a 9-year-old asset with whales holding its largest portion of coins.”
In its most recent milestone, Ethereum managed to break the three-year-old $4.100 barrier, and with that, market experts expect the cryptocurrency to be preparing its next bullish move.
Will $5k be next?
In a recent technical analysis, cryptocurrency analyst Justin Bennett highlighted that he believes Ethereum has the potential to reach new all-time highs, surpassing the $4.878 it recorded in November 2021. According to him, if the price of ETH manages to stay above the $4.000 to $4.100 range, it could pave the way for a new rally.
Bennett too highlights that Ethereum could benefit from the flow of investment that is leaving Bitcoin (BTC). With this, the altcoin could attract new investors and further boost its price.
“ETH has been struggling at $4k for obvious technical reasons, and $BTC has stolen the show so far in December. But I bet we’ll see some of those Bitcoin profits flow into Ethereum soon. If ETH can break above $4.000-$4.100, there’s not much stopping a run to $4.800 and potentially $5k to complete this channel. Time for a new Ethereum ATH,” he wrote.
In short, the outlook for Ethereum is quite positive. The combination of an optimistic market, the break of an important resistance, and expert projections indicate that the cryptocurrency could perform well in the coming months.
At the time of publication, the price of Ethereum was quoted at US$4.000,87, up 2.8% in the last 24 hours.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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