CryptoQuant, a prominent blockchain analytics platform known for its institutional-grade cryptocurrency market analysis, has suggested Ethereum (ETH) could surpass the $5,000 mark based on its proprietary price band analysis.
The South Korea-based firm, which provides>
$ETH could break above $5k as demand and supply dynamics strengthen.
The realized price upper band, currently at $5.2k, matches the level seen during the 2021 bull run peak, signaling strong potential for further growth. pic.twitter.com/AOwgAbltS8
— CryptoQuant.com (@cryptoquant_com) December 13, 2024
The price action in Ethereum tells a compelling story of volatility and resilience throughout 2024. The year-to-date chart shows ETH has navigated several significant price swings, with the most notable surge occurring in late November when the cryptocurrency broke above the $3,500 level.
Source: TradingView
Looking at today’s trading (Dec. 13), Ethereum is exhibiting characteristic intraday volatility around the $3,920 mark. After reaching a peak near $3,965 during the mid-afternoon trading session, the price has settled into a narrower range between $3,910 and $3,925. This consolidation follows a broader upward movement that began in the early morning hours when the price found support at $3,870.
Source: TradingView
The current price level represents a significant recovery from the mid-summer lows when Ethereum briefly traded below $2,500, and the yearly chart demonstrates that despite periodic pullbacks, Ethereum has maintained an overall upward trajectory, particularly in the fourth quarter of 2024.
Featured Image via Pixabay
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