Ethereum prices reach fresh highs
Ethereum ($eth) has officially climbed to the new best $4,678coming within an impressive distance from previous records $4,891 Set for November 16th, 2021. Recent rally marks another milestone for the second largest cryptocurrency as bullish momentum continues to dominate the market.
ETH/USD 4-hour chart – TradingView
Chart Analysis: Eth Eyes $5,000
4 hours ETH/USD chart It has shown a sharp upward trajectory since early August, with price action surges past multiple levels of resistance. The key highlights are:
- Strong SMA Support: ETH comfortably outperforms the 50-day SMA at $4,039 and avoids the 200-day SMA at $3,647, both showing a sustained bullish structure.
- Momentum index: The RSI of 74.55 suggests that ETH is approaching the territory where it was acquired, but no major inverted signal has yet to appear.
- Immediate resistance: The next psychological barrier is $4,800, shy about the previous ATH. The clean break above allows you to open your pass to $5,000.
This momentum allowed ETH to try pushing beyond $4,800 in the short term, setting the stage for fresh price discoveries above the $5,000 mark.
Facility Fuel: BlackRock's $318.7 million ETH purchase
The assembly received additional boosts from institutional interests. In major developments, Black Rock I bought $318.7 million worth of $EthereumSignaling has continued trust from one of the world's largest asset managers. Such institutional influx not only strengthens market sentiment, but also reduces available supply and further supports upward price pressure.
Ethereum Price Prediction: $5K
Given the technical breakouts, robust institutional demand, and positive market sentiment, Ethereum appears to be suitable to challenge $5,000 in the coming days or weeks, potentially outperforming.
If ETH secures a critical nearer of over $4,800, the move could trigger a new wave of purchases, solidifying its position in the realm of price discovery and mark another historical chapter of the asset.
