Ethereum (also known as Ether) just crossed $4,000 for the second time this year. The first was in March, and now, as big investors have started showing more interest, especially through Ethereum-based exchange-traded funds (ETFs).
Yesterday, Ethereum ETFs brought in $428.5 million, close to Bitcoin ETFs, which got $766 million the same day.
Right now, Etherum is trading at $4,010 with a market cap reaching $483 billion in a single day and a trading volume of $58 billion according to CoinMarketCap.
Meanwhile, this boost comes after a slow start earlier this year. Ethereum’s network fees dropped sharply after the Dencun upgrade in March 2024 that led to a 99% drop in revenue from its layer-1 network.
But since September, Ethereum’s network fees have started to recover. On December 5, Ethereum generated $10.9 million in fees, a huge increase compared to just $500,000 in August.
The momentum has got some analysts talking, with some believing the crypto could hit $7000. One analyst on X, venturefounder, said “No matter how you look, you cannot ignore this giant cup and handle/consolidation triangle forming for #Ethereum since Nov 2021: Price Target = $7,346”
Right now “Eth” is at the breakout point of cup and handle, and once it breaches out and closes above the $4,000 mark, bulls would definitely try to gain lead in the market and pump price up.
This shows ethereum traders are bullish and expect to cross the $5,000 mark easily in the current bull cycle and expect further gains over it.