Important points
- Today, the price of Ethereum reached $4,167.39 and the market cap reached $502.95 billion.
- The current bullish move stems from a combination of easing macro pressures and positive technical signals.
- Amid macro tailwinds, the question of whether ETH will reach $5,000 this year has resurfaced.
Today, the price of Ethereum reached $4,167.39 and the market cap reached $502.95 billion. The jump in prices was mainly due to increased institutional investor activity and easing macro pressures as geopolitical tensions between the US and China eased following trade talks held in Malaysia over the past two days.
ETH price soars above $4000 level
ETH has regained the $4,000 level and the token is currently trading above its 10-day exponential moving average (EMA) of 4,015.6. The current price is higher than the 10-day simple moving average. Both averages are giving strong buy signals. Market oscillators also reflect bullish sentiment. 14 days Relative Strength Index (RSI) is 53.4, clearly suggesting growing optimism for the world’s second-largest cryptocurrency. The Fear and Greed Index suggests a neutral position with a value of 51.
The market will be watching to see if the token can break above the Fibonacci level of 4,244.6. If the token can maintain its psychological level above $4,200, further price spikes could occur. If the price moves higher, the next resistance will be around the 4,600 level. The current bullish move stems from a combination of easing macro pressures and positive technical signals.
Thawing Macro Pressure Allows Ethereum to Rebound
The main events that are driving the rise in Ethereum prices and the recovery of the crypto market are: US-China trade negotiations. The two countries agreed to an interim framework and reached common agreements on a number of contentious trade-related issues. US Treasury Secretary Scott Bessent has made it clear that additional tariffs of more than 100% on China are off the table. The easing of trade tensions between the world’s two largest economies has facilitated a recovery in the overall cryptocurrency market, led by flagship tokens Bitcoin and Ethereum.
ETH has risen over 3% in the past week. In addition to macro tailwinds, positive industry trends from the previous week are also supporting the rally. Last week on October 20th, Bitmine Immersion Increased stock holdings Up to 3,236,014 ETH. Additionally, financial giant JP Morgan plans to add BTC and ETH as collateral for loans. Investors are also optimistic about the Fed’s interest rate cuts, given strong institutional investor activity. Amid macro tailwinds, the question of whether ETH will reach $5,000 this year has resurfaced.
Also read: BitMine reveals $5 billion in Ethereum holdings after surpassing 1 million ETH
Conclusion: Will ETH reach $5000 this year?
If ETH is able to maintain its current levels and soar above $4,200, it is very likely that ETH will reach $5,000 this year itself. So far, the all-time high achieved by ETH was $4,250.67 on August 25th of this year. In addition to favorable macro developments such as expected Fed rate cuts, another key factor supporting optimism is Fusaka’s upcoming rating upgrade. The version update is scheduled for December. This technology upgrade is expected to improve the network’s performance and further strengthen the bullish forecast for Ethereum. However, the cryptocurrency market is known for its high price volatility, so investors are advised to carefully balance bullish expectations.
