Ethereum's Price May Reach New All-Time Highs, But Will It Peak at $15,000?

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Ether Surges Past $4,000 Mark

On December 16th, the price of Ether (ETH) rose to a new year-to-date high of $4,108. This surge has pushed Ethereum’s market capitalization to an all-time high, with the second-largest cryptocurrency by market cap gaining 8% over the last week.

Long-Term Bullish Indications

Decreasing ETH Supply on Exchanges

Data from CryptoQuant shows that Ether balances on exchanges reached an 8.5-year low of 9.2 million ETH in December, down nearly 10% over the last year. This decrease in supply on exchanges could be a sign of increasing demand and decreased selling pressure.

Ethereum Whales Grow in Number

Notably, whale wallet holdings have reached their highest level ever, accounting for about 57% of all ETH in circulation. This means that whales have not sold on the latest rally but have continued to accumulate, which may be a long-term bullish indication.

Institutional Demand for Ether Products Soars

Spot Ether Exchange-Traded Funds (ETFs) Record Positive Inflows

United States-based spot Ether ETFs have recorded positive inflows every day since November 22. The investment products recorded their biggest-ever day of inflows on December 5, registering more than $428 million in inflows.

Ether Open Interest (OI) Hits All-Time High

The daily average of new Ethereum addresses crossed 130,200 in December, marking an eight-month high. This uptick in total open interest in the derivatives market, which increased from 9.8 billion ETH on November 5 to an all-time high of 20.7 billion ETH on December 17, suggests increased demand for leveraged Ether positions and new money entering the market overall.

Analysts Set Five-Digit Targets for ETH Price

Data from Cointelegraph Markets Pro and TradingView shows that ETH is fighting to turn the key $4,000 resistance level into new support as a launchpad to new all-time highs. Several analysts have set five-digit targets for Ether price:

Jelle: Breaks the $4,000 barrier, and all bets are off.
Venturefounder: ETH has been consolidating in a triangle for over three years, setting the stage for ‘a new paradigm.’
Michael van de Poppe: We’ll have a comparable cycle to 2017 with a lot of upside, with a cycle top for Ether between $15,000 and $25,000.
VanEck: Predicted a $6,000 cycle top for Ether price.

Conclusion

Ether’s surge past the $4,000 mark has pushed Ethereum’s market capitalization to an all-time high. With decreasing ETH supply on exchanges and increasing demand from institutional investors, the stage is set for a new paradigm in the crypto markets. As analysts continue to set five-digit targets for Ether price, one thing is clear: the future of Ethereum looks bright.

Disclaimer: This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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