Ethereum Reaches New All-Time High of $4,876 After 13% Surge
Ethereum (ETH) recently reached an all-time high of approximately $4,876, marking a more than 13% daily increase. This surge confirms Ethereum's strong market position and indicates a potential extended altcoin rally.
Key points include:
- Ethereum outperformed Bitcoin, which has remained stagnant.
- Analyst Ted Pillows emphasized Ethereum's dominance in decentralized finance (DeFi).
- Institutional adoption is increasing, while exchange supply is decreasing.
- Ethereum recorded a netflow of +$516.4 million over the past week, significantly outpacing Polygon's $102.9 million.
- This activity is linked to speculation regarding potential interest rate cuts by the Federal Reserve.
Technically, ETH has broken above its previous peak of $4,860, establishing a bullish structure after a consolidation period. It closed the weekly candle near $4,876, showing strong bullish momentum supported by institutional flows. Key resistance levels are now unknown due to the new price territory, with support around $4,300-$4,200.
