Ethereum has risen over 6% in the past 24 hours, breaking the $3,800 mark, continuing its march towards $4,000 against the backdrop of significant market volatility. Meanwhile, the leading digital asset Bitcoin (BTC) remains at the $95,000 level.
Ethereum is maintaining an upward trend throughout the day. Currently, Ethereum is trading at $3,774, having risen over 6% in the past day. Its daily trading volume has exceeded $50 billion, further enhancing the bullish momentum, reflecting increased investor activity.
It has recovered above the key resistance level of $3,500, and ETH shows a bullish pattern, as indicated by the 50-day EMA crossing above the 200-day EMA. Strong buying interest and a clear breakout above $3,700 pave the way for further gains towards $4,000.
After breaking the $3,800 mark, Ethereum is showing an upward trend. When the price of Ethereum reached $2,400, people said Ethereum was dead. When the price of Ethereum reached $3,800, everyone wanted a piece of the action.
The Ethereum network is continuously growing, with over 134,000 new ETH addresses added daily. Stable adoption highlights the growing interest and activity in the blockchain.
If Ethereum experiences a pullback, watch for the support level at $3,300, which presents a potential buying opportunity. Our mid-term target remains $6,000, while the long-term target is $10,000!
ETH ETF Supports Development
The surge in Ethereum's price is fueled by positive sentiment surrounding the Ethereum ETF. Notably, on December 3, the Ethereum ETF saw a net inflow of $132.6 million, marking the third consecutive day of inflows for the Ethereum ETF.
BlackRock's ETHA inflows peaked at $65.3 million. Fidelity's FETH followed closely with inflows of $73.7 million. However, Grayscale's ETHE outflows reached $6.4 million, and the net inflow of other funds was zero.
The golden cross is approaching!
Moreover, this week the price of Ethereum will head towards a golden cross. A golden cross occurs when a short-term moving average (MA), such as the 50-day moving average, crosses above a long-term moving average (such as the 200-day moving average). This usually indicates that the related cryptocurrency will enjoy a long-term upward trend.
