The post Ethereum Price Over $4000, But What’s Next for ETH in 2024? appeared on BitcoinEthereumNews.com.

Ethereum’s surge past $4000, fueled by institutional interest in spot ETH ETFs, signals growing independence from Bitcoin and long-term bullish sentiment. Crypto whales now control 57.35% of ETH supply, the highest since 2017, while smaller wallets decline, hinting at a robust price breakout. Ethereum’s price has surged past $4000, reigniting bullish sentiment among traders and analysts. This uptick follows Bitcoin’s sharp rally beyond $107K, which seemingly revitalized market sentiment. Many now speculate that Ethereum could chart its path toward a new all-time high (ATH) by early 2025. Unlike in the past, Ethereum’s trajectory is no longer entirely tethered to Bitcoin’s performance. Historically, these top two tokens have often mirrored each other, as seen during the bull run of 2021. Both dominated trading volumes and achieved record highs in tandem. However, Ethereum’s current trade setup suggests the token may now be carving out its own narrative. 57.35% of ETH Supply Now in Big Hands Much of this newfound independence can be attributed to the launch of spot ETH ETFs, which have gained traction following the recent U.S. election results. The institutional interest driving these ETFs has been significant, with crypto whales leading the charge. Santiment Data reveals that whale wallets holding at least 100K ETH now control a staggering 57.35% of the total supply, a level unseen since 2017. Source: Santiment This shift in holdings underscores a long-term bullish signal. As these larger investors consolidate their positions, smaller wallets are diminishing in proportion. Wallets holding between 100 and 100K ETH and those below 100 ETH have dropped to 33.46% and 9.19% of the supply, respectively. The weekly Ethereum chart reflects this bullish sentiment. A rise above the current resistance level of $4,068 could push the token into the final resistance zone between $4,800 – $4,900, paving the way for a potential retest…

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Filed under: News - @ December 17, 2024 10:28 pm