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BlockNews
Home CRYPTO

Ethereum Reclaims $4,000; Here is the Next Price Target

by Michael Juanico
December 6, 2024
in CRYPTO, OPINION
Reading Time: 3 mins read
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• Ethereum’s native token, ether (ETH), has surged past the $4,000 mark for the first time since March
• This price movement signals renewed momentum in the cryptocurrency market
• It underscores growing institutional interest and increased on-chain activity

Ethereum’s native token, ether (ETH), has surged past the $4,000 mark for the first time since March, signaling renewed momentum in the cryptocurrency market. This latest price movement underscores growing institutional interest and increased on-chain activity, setting the stage for a potential rally.

NEW: Ethereum $ETH has reclaimed $4,000 for the first time in 267 days 🚀 pic.twitter.com/ViNFIY7TmL

— BlockNews (@blocknewsdotcom) December 6, 2024

Ether Surpasses $4,000

On Friday, ether broke above $4,000, a price level it hadn’t reached since March. As of writing, the token is trading at $4,033, representing a 2.4% increase over the past 24 hours and an 8.4% gain in the last week. This performance has allowed ETH to outperform bitcoin (BTC) over both timeframes.

The ETH/BTC ratio has also shown signs of recovery, reaching 0.04. This marks a significant milestone, as the ratio has been in decline since September 2022. This level previously represented a brief peak for ether relative to bitcoin in November 2022.

Institutional Demand Drives Coinbase Premium

A notable trend accompanying ether’s rise is the Coinbase premium, where ETH is trading at a higher price on Coinbase than on Binance. This premium is often interpreted as a sign of heightened demand from U.S. institutional and retail investors.

TradingView data suggests this market activity is largely driven by U.S.-based participants, coinciding with the opening of U.S. markets. The premium’s expansion indicates growing interest in ETH as a key asset for both institutional portfolios and individual investors.

On-Chain Activity Surges

Glassnode data reveals a sharp increase in active Ethereum addresses, with the 7-day moving average rising from 368,000 to 523,000 between September 24 and December 5. This uptick in on-chain activity reflects heightened engagement on the Ethereum network.

Increased network activity has a direct impact on ether’s supply due to the blockchain’s burn mechanism, which removes a portion of ETH from circulation with every transaction. This supply constraint further bolsters the token’s price potential.

Mixed Performance Across Crypto Markets

While ether has been on an upward trajectory, the broader cryptocurrency market has seen mixed performance. The CoinDesk 20 index, which tracks the top 20 cryptocurrencies by market capitalization (excluding memecoins and stablecoins), is down 1.4% over the past 24 hours.

Notable underperformers include stellar (XLM) and litecoin (LTC), which dropped 3.1% and 5%, respectively. In contrast, uniswap (UNI) and render token (RDNR) have posted gains of 11.7% and 6.4%, respectively, reflecting pockets of strength within the market.

Conclusion

Ether’s rise above $4,000 signals growing confidence in Ethereum’s ecosystem, driven by institutional demand, increasing on-chain activity, and the token’s deflationary mechanics. As the cryptocurrency market experiences varied movements, Eth

Tags: BinanceBitcoinCoinbase PremiumEtherethereum
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