The Ethereum bulls [ETH] Surpasses US$4,000: Towards the Record

After an upward trajectory in recent weeks, Ethereum has finally broken the $4,000 barrier, setting a new milestone for itself in the cryptocurrency market.

This turnaround not only returned Ethereum to the important $4,000 zone but also paved the way for expectations that the main altcoin could be on track to establish a new all-time high.

Analysis of Ethereum’s price evolution revealed that the cryptocurrency recently surpassed the $4,000 mark, with an impressive increase of more than 6%. This mark has not been seen since the period between October and December 2021, when Ethereum reached its previous record of $4,878.

At the time of publication, the price of ETH was quoted at US$4,058.25, up 5% in the last 24 hours.

A close look at Ethereum’s Relative Strength Index (RSI) points to a strong overbought trend, with the index surpassing 80. This indicator suggests a robust upward slope, although a price correction may be necessary before ETH resumes its journey towards new all-time highs.

Regarding the impact of this advancement on investors, more than 90% of Ethereum’s total supply is now in a profitable state. A detailed analysis shows that more than 128 million units on offer are now positively valued, representing a significant 95% of the total. This is a significant milestone as it indicates the first time that such a large portion of supply is in profit following the decline experienced in 2022.

The mood around Ethereum has also received a positive boost, with the funding rate reaching high levels since March 5th. The rate, standing at around 0.07%, signals an increase in buyer activity. At the same time, Ethereum open interest reached the highest peak in over a year, with the value surpassing $13 billion. This increase in derivatives activity reflects an optimistic sentiment among traders, strengthening confidence in Ethereum’s ability to surpass its current price level.

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.