- ETH’s price increased by over 3% and was trading above $4,000 as of press time.
- Over 90% of supply was profitable.
After several weeks of constant price increase, Ethereum [ETH] The price of the product has been successfully exceeded by $4,000
This success not only signifies the reclaiming of the $4,000 range by ETH, but also that the kings of altcoins could achieve a brand new all-time highest.
Ethereum Crosses $4k
AMBCrypto’s examination of Ethereum’s The price trend over a 24-hour period showed that at the time this article was written, the stock had surpassed the $4,000 threshold, after having risen by Over 3,8%
Looking back at history, the last price range that ETH was in between October and December of 2021 coincided with its all-time highest of $4,878.
Moreover, our analysis showed that its Relative strength Index (RSI), with a RSI above 80, was in a strong overbought state. This showed a strong bullish tendency in an overbought condition.
A price correction could be imminent, given the press-time RSI. ETH will then resume its upward trajectory towards a new high.
Ethereum’s profit reaches 90%
Ethereum’s A surge above the $4,000 threshold has a cascading effect on the overall supply.
AMBCrypto analyzed the total supply of profit via Santiment and found that the indicator, as at the time the press was published, was over 128,000,000, which accounted for Over 95% supply
This was the first instance that a large portion of ETH’s supply had a profit.
After a decline of 2022 in which the majority supply was held in a negative manner, this recent shift marked a significant turn positive in the sentiment on the market.
Ethereum: More positive sentiments
Ethereum’s Funding rate also spiked in recent times, reaching its highest level since 5th March.
AMBCrypto analysis via Coinglass The Funding Rate at the time this article was written was approximately 0.07%.
This was the second highest Funding Rate for nearly a full year, indicating an increase in buyer aggressiveness.
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Ethereum’s Open Interest reached its highest point in more than a year. Open Interest reached over $13billion at the time of writing.
This increase in derivatives indicates a positive sentiment among traders and reflects increased confidence that Ethereum can surpass its current price.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
Source: ambcrypto.com