Ethereum Crosses $3,800; Higher Move Towards $4,000 Soon?
Ethereum has gained more than 6% in the past 24 hours, surpassing the 3,800 USDT benchmark and continuing its move towards $4,000 amid broader market volatility. On the other hand, the leading digital asset Bitcoin (BTC) is holding on to $95,000 levels.
Ethereum has been trending upward during the day. Currently, Ethereum is trading at $3,774, up more than 6% in the past day. Its daily trading volume has exceeded $50 billion, further adding to the bullish momentum and reflecting increased investor activity.
It has recovered above the key resistance at $3,500, and ETH is showing a bullish pattern as shown by the 50-day EMA crossing above the 200-day EMA. Strong buying interest and a clear break above $3,700 paves the way for a further move towards $4,000.
Analyst Views
Prominent on-chain analyst Ali Martinez also pointed to Ethereum’s upward trajectory, which saw it break above the $3,800 level. “When the price hit $2,400, they said #Ethereum $ETH was dead. At $3,800, everyone wants one,” he noted.
He also emphasized that the Ethereum network is showing continued growth, with more than 134,000 new ETH addresses being added every day. The steady adoption highlights the growing interest and activity in blockchain.
in the previous one postalhe also shared that if Ethereum experiences a correction, keep an eye on the $3,300 support level, which he calls a potential buying opportunity. “Our mid-term target remains $6,000, with a long-term outlook of $10,000!” he shared.
ETH ETF gaining momentum
The surge in Ethereum price is due to positive sentiment on the Ethereum ETF. Notably, on December 3, the Ethereum ETF showed net inflows of $132.6 million, marking the third consecutive day of inflows into the Ethereum ETF.
BlackRock’s ETHA led the way with $65.3 million in inflows. Fidelity’s FETH followed with inflows of $73.7. However, Grayscale’s ETHE outflows reached $6.4 million, while the remaining funds saw zero net inflows.
