Originally published on: December 17, 2024
Ethereum’s Ether (ETH) is on the verge of surpassing its previous all-time high as it reached a new year-to-date peak of $4,108 on December 16th.
Over the past week, ETH has seen an 8% increase in its price. This second largest cryptocurrency by market capitalization has surged by 28% in the last 30 days and an impressive 82% over the past year.
With data from Cointelegraph Markets Pro and TradingView showing Ether’s price currently at $4,000, just 18% below its all-time high of $4,891 set on November 26, 2021, the crypto market is buzzing with excitement.
Accompanying the recent surge in ETH prices is a notable 30% increase in daily trading volume, reaching $42 billion, indicating strong momentum behind this rally.
Investors are closely monitoring the decreasing supply of ETH on exchanges, which hit an 8.5-year low of 9.2 million ETH, down nearly 10% over the past year. This trend has been coupled with a significant rise in Ether’s price over the same period.
Whale wallets are also accumulating ETH at a rapid pace, with holdings reaching an all-time high, representing about 57% of all circulating ETH. This accumulation trend by large holders is seen as a bullish sign for the long-term outlook of Ethereum.
Moreover, the number of new Ethereum addresses has surged to an eight-month high, marking increased interest and engagement with the network.
In the derivatives market, total open interest (OI) for Ether has spiked, reaching an all-time high of 20.7 billion ETH, a 24% increase in the last seven days. This surge in OI suggests growing demand for leveraged ETH positions and fresh capital entering the market.
Meanwhile, spot Ether exchange-traded funds (ETFs) in the US have been experiencing positive inflows since November 22, with record-breaking numbers recorded in early December.
Overall, the positive market sentiment and strong fundamentals have led to predictions that ETH could reach new all-time highs in the coming days. Popular analysts are eyeing price targets well above the $15,000 mark, indicating a potential new paradigm for Ethereum.
While some market participants are more conservative in their forecasts, the general consensus is that Ethereum’s price will continue its upward trajectory in the foreseeable future.
As always, it’s important to note that investing in cryptocurrencies carries inherent risks, and readers are advised to conduct their own research and due diligence before making any investment decisions.
