Key Points
- Ethereum (ETH) has seen over a 3% price increase, trading above $4,000.
- Over 90% of the ETH supply is currently profitable.
Ethereum (ETH) has recently experienced a steady rise in price, eventually crossing the $4,000 price mark.
This is not just a reclaiming of the $4,000 zone for ETH, but also an indication that the altcoin might reach a new all-time high.
Ethereum’s Price Trend and RSI
An examination of Ethereum’s daily price trend shows a surge past the $4,000 mark, with an increase of over 3.8%.
The last time ETH was in this price range was between October and December 2021, which coincided with its previous all-time high of $4,878.
An analysis of its Relative Strength Index (RSI) shows a strong overbought trend, with the RSI exceeding 80, suggesting a strong bullish trend.
Given the current RSI, a price correction may be imminent before ETH continues its upward trajectory towards a new all-time high.
Impact on Supply and Market Sentiment
Ethereum’s surge beyond the $4,000 price threshold has had a significant impact on the overall supply in profit.
Currently, the indicator is over 128 million, accounting for over 95% of the supply, marking the first time a substantial portion of ETH’s supply was profitable.
After a downturn in 2022, when the majority of the supply was held at a loss, this recent shift signifies a significant positive turn in market sentiment.
Recently, Ethereum’s Funding Rate has also spiked, reaching its most positive level since March 5th.
This marks the second-highest Funding Rate in nearly a year, signalling an increase in buyer aggression.
Concurrently, Ethereum’s Open Interest has soared to its highest level in over a year, exceeding $13 billion.
This surge in derivatives indicates positive sentiment among traders, reflecting increased confidence in Ethereum’s potential to surpass its current price level.
