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After weeks of consolidation, the price of Ethereum (ETH) has surged significantly, breaking through multiple resistance levels. Following the recent US elections, the market has experienced a sustained upward trend, indicating a potential for further gains. The top token has stabilized above $3,100, a level it has not reached in 14 weeks. This surge has set a new high, and analysts are closely monitoring the possibility of the token testing the $4,000 threshold in the near future.
Ethereum price breaks $3,100, sparking speculation of a future $4,000 rise
The Ethereum price has broken through $3,100, reaching its highest level in 14 weeks and reigniting market optimism. This price increase highlights Ethereum's continued growth and solidifies its position as the second-largest cryptocurrency by market capitalization.
Key sentiment data shows a significant increase in whale trading volume, with the activity of high-value accounts drawing attention. Recently, these trading volumes reached 8,482 transactions, the highest level since August 4th, indicating that large stakeholders are showing strong interest. Such whale activity is often a precursor to price action and market momentum strengthening.
Ethereum's trading volume has also reached an impressive $10.4 billion, the highest level since August, indicating robust network activity. This trend suggests growing confidence in Ethereum's potential for further upside, with speculation that it could rise to $4,000.
Market observers expect that if Bitcoin continues its current bull run, some of the profits may flow into Ethereum. As investor interest increases and network activity remains healthy, this shift could drive Ethereum closer to its all-time high.
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Market surge, ETH price surge
This week, the price of Ethereum has risen significantly, rising in tandem with Bitcoin to set a new all-time high. Bitcoin's breakthrough of $80,000 has sparked interest across the entire cryptocurrency market. Following the market trend, the latest ETH price has risen by over 28% in a week, trading at around $3,146 as of Monday.
Under the current bullish trend, Ethereum's price could reach $4,000, a potential increase of 27%. Ethereum's price has shown a strong momentum, recently breaking through the $3,150 level. Steady ascent above this level indicates strong support, laying the foundation for further Ethereum price appreciation.
The relative strength index (RSI) on the daily chart reflects an overbought condition, currently at 72, well above the neutral 70 level.
Ethereum's price momentum indicates strong support and the potential for further upside. With the increase in whale activity, the bullish sentiment remains high. If the current trend continues, the $4,000 target appears to be achievable.
