Ethereum has officially surged to a new high of $4,678, approaching its previous record of $4,891 set on November 16, 2021. The recent surge marks another major milestone for the second-largest cryptocurrency, as bullish momentum continues to dominate the market.
Chart Analysis: ETH Heading For $5,000 Target
The 4-hour ETH/USD chart shows a strong upward trajectory since early August, with price action breaking through multiple resistance levels. Key highlights include:
Strong SMA Support: ETH remains comfortably above the 50-day SMA at $4,039 and well above the 200-day SMA at $3,647, both of which indicate a sustainable bullish structure.
Momentum Indicator: RSI at 74.55 shows ETH is approaching overbought territory, but no major reversal signals have emerged yet.
Immediate Resistance: The next psychological hurdle lies at $4,800, which is close to the previous ATH. A strong breakout above this level could open the way to $5,000.
With this bullish momentum, ETH is likely to attempt to surpass $4,800 in the coming days, setting the stage for a fresh rally above the $5,000 mark.
Institutional Power: BlackRock Buys $318.7 Million Worth of ETH
The rally was further fueled by institutional interest. In a significant development, BlackRock purchased $318.7 million worth of Ethereum, signaling continued confidence from one of the world’s largest asset managers. Institutional investment flows like this not only bolster market sentiment but also reduce available supply, further supporting upward pressure.
Ethereum Price Prediction: $5,000 Within Reach
With a technical breakout, strong institutional demand, and positive market sentiment, Ethereum appears to be well-positioned to challenge — and potentially surpass — the $5,000 level in the coming days or weeks.
If ETH manages to achieve a decisive close above $4,800, the move could trigger a fresh wave of buying, cementing its position in the price discovery zone and marking another historic chapter for the asset.