- ETH has increased nearly 35% in the past week, hitting a high of $3,444 before a pullback.
- The Ethereum Foundation sold 100 ETH, marking its first sale since its 2024 report, raising $11.83 million to date.
- Technical indicators suggest a bullish breakout that could propel ETH towards the $5,000 mark.
Ethereum (ETH) is riding a strong upward trend alongside the broader cryptocurrency market. As one of the most popular altcoins, Ethereum’s performance has captivated investors, showing a nearly 35% increase over the past week. This surge saw ETH hit a recent high of $3,444, followed by a dip that has yet to deter its bullish outlook. The market rally, primarily fueled by Bitcoin’s climb to a record high near $90,000, is creating a wave of momentum that Ethereum is following closely.
As of this writing, Ethereum’s price sits at $3,287.17, reflecting a 2.70% gain over the last 24 hours. The 24-hour trading volume has reached $94.06 billion, while Ethereum’s market capitalization stands at $395.70 billion, giving it a market dominance of 13.39%. Despite minor fluctuations, Ethereum’s strong performance suggests a promising trend.
ETH Foundation Offloads 100 ETH, Sparks Market Watch
According to recent data from Spot On Chain, the Ethereum Foundation sold 100 ETH for 334,315.7 DAI, marking its first sale since releasing its 2024 financial report on November 8. This sale is significant, given that the Foundation has offloaded 4,266 ETH in 2024, totaling $11.83 million at an average price of approximately $2,773 per ETH. Such moves by the Foundation are closely watched by the market, as they often provide insights into the Foundation’s operational strategies and long-term goals.
Ethereum Eyes $5K as Breakout Looms
From a technical analysis standpoint, ETH’s price action hints at a potential breakout. Currently, ETH appears to be testing the upper bounds of a descending broadening wedge, a bullish pattern that can lead to substantial gains if breached. A successful breakout from this pattern could see ETH targeting a new price level around $5,000, a significant milestone for the asset and its investors.
ETH’s bullish potential aligns with the overall market optimism following Bitcoin’s all-time high, and many traders believe ETH is on track to reach new heights. As the crypto market experiences increased interest and trading volume, ETH remains a key player, and the upcoming days could provide further clarity on its direction.
ETH’s ongoing rally highlights its potential to achieve new price milestones, driven by market-wide momentum and positive technical indicators. With strong trading volumes and the Ethereum Foundation’s strategic moves, ETH remains a top asset to watch in the ongoing bull run. Investors should monitor ETH’s performance closely, as the approaching $5,000 level could mark a defining moment for the cryptocurrency’s market position.
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