Ethereum has been on a notable rally, with its price recently climbing to levels not seen in over three years. The altcoin king has broken through key resistances, steadily advancing toward the $5,000 mark.
This ongoing uptrend has fueled optimism among investors, with ETH now approaching a significant psychological threshold that could open the path to higher gains.
Ethereum Investors Are Bullish
Ethereum price’s bullish momentum is being reinforced by strong support from its holder base. Data shows a surge in addresses holding balances of more than $10,000 worth of ETH. This number has now reached over 920,000, marking the highest level recorded since the start of the year.
Large activity often reflects strategic positioning for long-term gains. The record level of high-value addresses suggests that investors with significant market influence expect ETH’s price to continue climbing.
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The broader market environment is also tilting in Ethereum’s favor. Futures Open Interest has hit an all-time high of $35.7 billion, a clear sign that traders are increasing their exposure. High open interest often precedes significant price movements, as it reflects heightened participation and market commitment.
Adding to the bullish case, funding rates for Ethereum futures remain largely positive. This shows that traders are willing to pay to maintain long positions, a dynamic often seen in strong upward trends.
ETH Price Aims At $5,000
Ethereum is currently trading at $4,723, just 5.8% away from the $5,000 milestone. The asset has secured $4,500 as a solid support level, further strengthening its bullish outlook. This three-and-a-half-year high is energizing buyers, who see $5,000 as the next key target.
With strong accumulation, record futures interest, and positive funding rates, Ethereum’s path toward $5,000 appears intact. Once this level is breached, momentum could carry the price even higher, potentially targeting $5,500 in the following weeks.
However, the bullish scenario hinges on investor sentiment holding firm. If traders pivot to profit-taking, ETH could drop below the $4,500 support. A sustained move under this level might push prices toward $4,200, undermining the current uptrend and delaying further gains.
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