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After weeks of steady price appreciation, Ethereum has broken through the $4,000 price barrier.
This achievement not only marks Ethereum's resurgence above the $4,000 mark but also signals the potential for a new all-time high in the near future.
Ethereum Price Soars Past $4,000
An analysis conducted by AMBCrypto revealed that Ethereum surged past the $4,000 mark, registering a remarkable increase of over 3.8% at the time of writing. ETH last reached this price level between October and December 2021, coinciding with its previous all-time high of $4,878.
Moreover, an examination of Ethereum's Relative Strength Index (RSI) indicated a strong overbought trend, with the RSI surpassing 80. This suggests a robust bullish trend despite being in an overbought state. However, considering the current RSI, a price correction may be on the horizon before Ethereum resumes its upward trajectory towards a new all-time high.
Ethereum Profitability Surpasses 90%
Ethereum's surge past the $4,000 threshold has had a significant impact on the overall supply, pushing a substantial portion of it into a profitable state.
According to Amb Crypto, over 128 million ETH, accounting for more than 95% of the supply, is currently in profit. This marks the first time in recent memory that such a large portion of Ethereum's supply has been in a profitable state, signaling a positive shift in market sentiment.
Based on a Coinpedia report, should the market propel the price of ETH above the resistance level, bullish momentum will be restored, paving the way for a potential test of its upper resistance level at $4,200 in the days ahead. Conversely, if the bears dominate over the bulls, momentum would wane, leading to a descent to test the support level at $3,533.
Following a period of decline in 2022, during which the majority of the supply was held at a loss, this recent development reflects a notable turnaround in market sentiment towards Ethereum.
Increased Optimism in Ethereum's Market
Recent data also indicates a surge in positive sentiment towards Ethereum. Ethereum's Funding Rate spiked to its highest level since March 5th, reaching around 0.07%, according to AMBCrypto's analysis using Coinglass data. This marks the second-highest Funding Rate in nearly a year, signaling increased buyer aggression in the market.
Simultaneously, Ethereum's Open Interest has reached its highest level in over a year, surpassing $13 billion at the time of writing. This surge in derivatives activity suggests growing confidence among traders in Ethereum's potential to surpass its current price level, further bolstering optimism in the cryptocurrency market.
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