- Ethereum (ETH) has surged nearly 15% over the past week, reaching a high of $2,700, indicating strong market momentum.
- The number of margin and leverage wallets holding ETH has hit a seven-week high, reflecting growing confidence among traders.
- Analyst Javon Marks suggests ETH could target $4,723.5, hinting at the potential for new all-time highs as market interest continues to rise.
Ethereum (ETH) is currently on a strong upward trajectory, poised for a potential breakthrough that could see its price surge even higher. Over the past week, ETH has gained nearly 15%, showcasing robust performance and signaling the possibility of sustained upward movements in the near future.
Recent data from Santiment reveals that Ethereum’s market value has rebounded significantly, reaching as high as $2,700 as the cryptocurrency market continues to rally. This renewed interest in the second-largest asset by market capitalization has been mirrored on social media platforms, where discussions around ETH have surged.
Notably, the number of margin and leverage exchange wallets holding ETH has also spiked, marking a seven-week high. This indicates a growing confidence among traders and investors alike.
As of now, Ethereum is trading at approximately $2,629.01, with a 24-hour trading volume of $77.37 billion and a market capitalization of $316.38 billion. However, despite the impressive gains over the week, ETH has experienced a slight dip of 1.88% in the last 24 hours, suggesting some profit-taking among traders.
Ethereum Targets $4,723.5: Is the ‘GO TIME’ Here?
The bullish sentiment surrounding Ethereum is further supported by insights from prominent crypto analyst Javon Marks. He has expressed a confident outlook on Ethereum’s price trajectory, indicating that the price patterns observed in 2023 are re-emerging in 2024.
Marks declared that the moment of opportunity for ETH is upon us, stating, “GO TIME ” is here, and it appears the market is indeed responding positively. Marks suggests that Ethereum could be on the verge of pursuing a technical target of $4,723.5, hinting at the possibility of achieving new all-time highs.
As the market continues to evolve, many eyes will be on ETH to see if it can capitalize on this momentum and reach these ambitious price levels. With the resurgence in trading activity, social media interest, and bullish forecasts, Ethereum seems well-positioned for a significant surge in the coming weeks. Investors and enthusiasts alike will be watching closely as ETH navigates this critical juncture in its market performance.
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