Ethereum has officially risen to a new high of $4,678, approaching the previous record of $4,891 set on November 16, 2021. The recent rally marks another significant milestone for the second largest cryptocurrency as the bullish momentum continues to dominate the market.
Chart Analysis: ETH Aiming for Target $5,000
The ETH/USD 4-hour chart shows a strong upward trajectory since the beginning of August, with price action surpassing several 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 indicating a sustainable bullish structure. Momentum indicator: RSI at 74.55 shows that ETH is approaching the overbought zone, but no significant reversal signals have appeared yet. Immediate resistance: The next psychological barrier is at $4,800, nearing the previous ATH. A strong breakout above this level could pave the way to $5,000.
With this rally, ETH may attempt to break through the $4,800 level in the near future, setting the stage for a new bullish move above the $5,000 mark.
Energy Source of the Organization: BlackRock Buys ETH Worth $318.7 Million
The bullish rally is further driven by institutional interest. In a significant development, BlackRock purchased $318.7 million worth of Ethereum, signaling continued confidence from one of the largest asset managers in the world. The influx of investment from such institutions not only bolsters market sentiment but also reduces the available supply, continuing to support upward price pressure.
Ethereum Price Prediction: $5,000 Within Reach
With the technical breakthroughs, strong demand from institutions, and positive market sentiment, Ethereum seems to be in a good position to challenge — and possibly surpass — the $5,000 level in the coming days or weeks.
If ETH achieves a decisive closing level above $4,800, this move could trigger a new wave of buying, solidifying its position in the price discovery zone and marking another historical chapter for this asset.
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