After months in the shadow of Bitcoin and memecoins, Ether is taking center stage again by crossing the symbolic threshold of $4,000.
Ether price exceeds $4,000
It took time, but Ether is making waves again, while it was until now overshadowed by Bitcoin, memecoins and certain “dinocoins”. This afternoon, the price of ETH started to rise, taking the 2nd most capitalized cryptocurrency on the market to exceed the symbolic threshold of 4,000 dollars.
This hadn't happened since last March, although the crossing was only extremely brief then. The last time ETH exceeded $4,000 over the long term was in October 2021, at the time when he set his historic record set at $4,878.
Weekly chart of the ETH/USD pair
According to our analyst Coban, Ether is now moving above its pivot zone:
After an autumn deviation below the $2,800 mark and a revisit of the exit zone of the ascending bear market triangle at $2,000, Ether manages to re-enter above the pivot zone of this year 2024.
It will now be a question of studying if ETH will be able to conquer $4,100, then stay above it sustainably :
Continuing its momentum to the top of a range that it developed in the second quarter of this year, the question that now arises for it lies in its ability to reconquer the level of 4,100 dollars in order to prepare for a bullish continuation at destination of the historic peak close to 5,000 dollars.
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We also notice that the Ethereum spot ETFs are finally waking up, after a long period of lethargy. The latter quite simply recorded their best performances, with a record set at 428 million dollars yesterday, Thursday, December 5.
Net flows of spot Ethereum ETFs in the United States
🗞️ On BTC – What to expect from Bitcoin after $100,000?
Over the last 30 days, ETH shows an increase of 53%, compared to 34.4% for BTC. Generally speaking, although it has crossed the symbolic threshold of $100,000, Bitcoin has seen its dominance give way since November 21, the latter going from 61.5 to 55.5% at the time of writing. these lines.
If the current trend continues, Ether could well continue its rise… and perhaps launch the altseason expected by many.
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Source: SoSoValue
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