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Home Ethereum

Ethereum’s path to $4.5K: What the latest analysis reveals

December 9, 2024
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Ethereum’s path to $4.5K: What the latest analysis reveals
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  • Ethereum’s exchange reserve was dropping, signaling high buying pressure.
  • However, the RSI was resting in the overbought zone. 

Ethereum [ETH] has been struggling to breach the $4k barrier for quite some time now, as it is getting rejected near the resistance.

However, latest analysis revealed that the path for ETH moving towards a new all-time high is pretty clear. Therefore, AMBCrypto investigated further to find out whether that’s actually the case. 

Ethereum is on the right track

ETH’s price registered a 7% price hike last week, pushing the token’s price near $4k. At the time of writing, ETH was trading at $3.05k with a market capitalization of over $476 billion.

In the meantime, Ali Martinez, a popular crypto analyst, posted a tweet revealing that there was nothing preventing ETH from reaching new all-time highs. The only modest resistance zone ahead was around $4,540.

But as long as the $3,560 demand zone holds, the odds favor the bulls.

Will ETH touch $4.5k soon?

Since Martinez’s tweet revealed the possibility of ETH touching $4.5k, AMBCrypto assessed the token’s on-chain metrics to find the likelihood of that happening in the short term.

ETH’s Pi Cycle Top indicator revealed that ETH was trading well between its market top and bottom. If the metric is to be believed, ETH’s possible market top was at $5.9k.

Therefore, it seemed likely for ETH top reach $4.5k soon. 

ETH Pi cycle top indicator

Source: Glassnode

CryptoQuant’s data revealed that buying pressure on the token was rising. This was evident from ETH’s declining exchange reserve.

Additionally, Ethereum’s Coinbase premium was green, meaning that buying sentiment among US investors was strong. However, a few metrics also looked bearish.

See also  Mapping Ethereum's future as Dencun deploys on Goerli Testnet

For instance, ETH’s taker buy/sell ratio turned red. Whenever this happens, it indicates that selling sentiment is dominant in the derivatives market. More sell orders are filled by takers.

Apart from this, ETH’s Net Unrealized Profit/Loss (NUPL) entered the “belief” phase.

For starters, the NUPL is the difference between Relative Unrealized Profit and Relative Unrealized Loss. Historically, whenever the metric reached this level, it was followed by price corrections.

If history repeats, then ETH might not be able to go above $4k in the short-term. 

ETH NUPL

Source: Glassnode

Trouble for ETH was far from over. The token’s Relative Strength Index (RSI) was resting in the overbought territory.


Read Ethereum’s [ETH] Price Prediction 2024–2025  


This might motivate investors to sell their holdings, which has the potential to push ETH’s price down in the coming days. 

Nonetheless, the MA Cross indicator supported the bulls, as the 9-day MA was well above the 21-day MA. 

Source: TradingView

Next: How Bitcoin’s 2024 halving can help altcoins see their biggest rally yet

READ ALSO

Ethereum Looks Ready To Break Out Of 4-Year Consolidation, Analyst Says Price Will ‘Go Insane’

Binance loses 300K ETH – Here’s what it means for bulls eyeing $2.7K

  • Ethereum’s exchange reserve was dropping, signaling high buying pressure.
  • However, the RSI was resting in the overbought zone. 

Ethereum [ETH] has been struggling to breach the $4k barrier for quite some time now, as it is getting rejected near the resistance.

However, latest analysis revealed that the path for ETH moving towards a new all-time high is pretty clear. Therefore, AMBCrypto investigated further to find out whether that’s actually the case. 

See also  Accounts Payables (AP) and Spend Analysis Software Market to Witness Huge Growth | Major Giants Zoho, FreshBooks, QuickBooks

Ethereum is on the right track

ETH’s price registered a 7% price hike last week, pushing the token’s price near $4k. At the time of writing, ETH was trading at $3.05k with a market capitalization of over $476 billion.

In the meantime, Ali Martinez, a popular crypto analyst, posted a tweet revealing that there was nothing preventing ETH from reaching new all-time highs. The only modest resistance zone ahead was around $4,540.

But as long as the $3,560 demand zone holds, the odds favor the bulls.

Will ETH touch $4.5k soon?

Since Martinez’s tweet revealed the possibility of ETH touching $4.5k, AMBCrypto assessed the token’s on-chain metrics to find the likelihood of that happening in the short term.

ETH’s Pi Cycle Top indicator revealed that ETH was trading well between its market top and bottom. If the metric is to be believed, ETH’s possible market top was at $5.9k.

Therefore, it seemed likely for ETH top reach $4.5k soon. 

ETH Pi cycle top indicator

Source: Glassnode

CryptoQuant’s data revealed that buying pressure on the token was rising. This was evident from ETH’s declining exchange reserve.

Additionally, Ethereum’s Coinbase premium was green, meaning that buying sentiment among US investors was strong. However, a few metrics also looked bearish.

For instance, ETH’s taker buy/sell ratio turned red. Whenever this happens, it indicates that selling sentiment is dominant in the derivatives market. More sell orders are filled by takers.

Apart from this, ETH’s Net Unrealized Profit/Loss (NUPL) entered the “belief” phase.

For starters, the NUPL is the difference between Relative Unrealized Profit and Relative Unrealized Loss. Historically, whenever the metric reached this level, it was followed by price corrections.

See also  Ethereum holds firm above $1,770: Can bulls push to $2,030 next?

If history repeats, then ETH might not be able to go above $4k in the short-term. 

ETH NUPL

Source: Glassnode

Trouble for ETH was far from over. The token’s Relative Strength Index (RSI) was resting in the overbought territory.


Read Ethereum’s [ETH] Price Prediction 2024–2025  


This might motivate investors to sell their holdings, which has the potential to push ETH’s price down in the coming days. 

Nonetheless, the MA Cross indicator supported the bulls, as the 9-day MA was well above the 21-day MA. 

Source: TradingView

Next: How Bitcoin’s 2024 halving can help altcoins see their biggest rally yet
Tags: 4.5kAnalysisEthereumsLatestPathreveals

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  1. Blue Tech says:
    6 months ago

    Blue Techker Pretty! This has been a really wonderful post. Many thanks for providing these details.

    Reply

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EDITOR'S PICK

Vitalik Buterin addresses controversy as Ethereum Foundation sells another 100 ETH

Vitalik Buterin addresses controversy as Ethereum Foundation sells another 100 ETH

January 20, 2025
DCG launches Fortitude Mining to diversify beyond Bitcoin amid industry challenges

DCG launches Fortitude Mining to diversify beyond Bitcoin amid industry challenges

January 29, 2025
Loud Arkansas crypto mine wins legal battle to stay loud

Loud Arkansas crypto mine wins legal battle to stay loud

November 25, 2023
Bored Apes Hit Roblox Thanks to Universal’s NFT Band Kingship

Bored Apes Hit Roblox Thanks to Universal’s NFT Band Kingship

December 1, 2023

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