Ethereum ($ETH) has officially climbed to a new high of $4,678, coming within striking distance of its previous record of $4,891 set on November 16, 2021. The recent rally marks another milestone for the second-largest cryptocurrency as bullish momentum continues to dominate the market.
Chart Analysis: ETH Eyes $5,000
The 4-hour ETH/USD chart shows a steep upward trajectory since early August, with price action surging past multiple resistance levels. Key highlights include:
* **Strong SMA Support:** ETH remains comfortably above its 50-day SMA at $4,039 and well clear of the 200-day SMA at $3,647, both indicating sustained bullish structure. * **Momentum Indicators:** The RSI at 74.55 suggests ETH is approaching overbought territory, but no major reversal signals have appeared yet. * **Immediate Resistance:** The next psychological barrier sits at $4,800, just shy of the previous ATH. A clean break above could open the path to $5,000.
Institutional Fuel: BlackRock’s $318.7M ETH Purchase
The rally received an additional boost from institutional interest. In a major development, BlackRock has bought $318.7 million worth of Ethereum, signaling continued confidence from one of the world’s largest asset managers. Institutional inflows like this not only strengthen market sentiment but also reduce available supply, further supporting upward price pressure.
Ethereum Price Prediction: $5K Within Sight
Given the technical breakout, robust institutional demand, and positive market sentiment, Ethereum appears well-positioned to challenge — and potentially surpass — $5,000 in the coming days or weeks. Should ETH secure a decisive close above $4,800, the move could trigger a new wave of buying, cementing its place in price discovery territory and marking another historic chapter for the asset.
With the current market conditions, the potential for breaking key resistance levels, and institutional interest, Ethereum indeed has every chance of reaching new heights.
