Ethereum price held steady on Monday and is hovering near its highest point this year as the crypto market improves. ETH token jumped to a high of $4,550, its highest point since September 20 this year.
Ethereum Price Jumps as Demand Soars
ETH price has soared this week as demand from American investors has jumped. One sign of this is that these investors are piling into spot Ethereum ETFs. They added over $233 million on Friday, bringing the total weekly inflows to over $1.30 billion.
Ethereum ETF inflows were a reversal of the $795 million outflow experienced in the previous week. The flows have increased to over $14.2 billion, bringing the total assets to more than $30.57 billion. These assets are now equivalent to about 5.35% of the total Ethereum market cap.
Ethereum is also seeing strong demand in the spot and futures markets. The futures open interest rose to over $61 billion, its highest point since September 22. It has jumped from the September low of $53 billion.
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Ethereum’s daily volume has also jumped in the past few months. Its average volume has jumped to almost $100 billion, a trend that is likely to continue this year.
Meanwhile, the total value locked in the Ethereum network has reached a record high of $200 billion, surpassing that of other chains in the crypto industry. Ethereum’s stablecoin supply has jumped to a record high of over $160 billion, while its daily volume continues rising.
Ethereum is also seeing strong demand from treasury companies, such as BitMine and SharpLink. BitMine Immersion now holds Ether tokens worth over $7.7 billion, while SharpLink has over $3.6 billion.
ETH Price Technical Analysis
The weekly chart shows that the ETH price bottomed at $3,8209 in October as the crypto market crashed. It then bounced back and moved to a high of $4,535, its highest point on September 28.
The coin has moved above the important resistance level at $4,070, its highest point in March and December last year. This means that the coin has formed a break-and-retest pattern, a common bullish reversal sign.
ETH price has formed a giant hammer candlestick pattern, which is made up of a body and a long lower shadow. It has also surpassed the 50-week and 100-week Exponential Moving Averages (EMAs).
Therefore, the token is likely to experience a strong bullish breakout, with the next key price to watch being $5,000. Further gains above that level will indicate additional upside potential, reaching the extreme overshoot level at $6,250, which is approximately 40% above the current level.
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