Ethereum Price Over $4000, But What’s Next for ETH in 2024?

• Ethereum’s surge past $4000, fueled by institutional interest in spot ETH ETFs, signals growing independence from Bitcoin and long-term bullish sentiment.
• Crypto whales now control 57.35% of ETH supply, the highest since 2017, while smaller wallets decline, hinting at a robust price breakout.

Ethereum’s price has surged past $4000, reigniting bullish sentiment among traders and analysts. This uptick follows Bitcoin’s sharp rally beyond $107K, which seemingly revitalized market sentiment. Many now speculate that Ethereum could chart its path toward a new all-time high (ATH) by early 2025.

Unlike in the past, Ethereum’s trajectory is no longer entirely tethered to Bitcoin’s performance. Historically, these top two tokens have often mirrored each other, as seen during the bull run of 2021. Both dominated trading volumes and achieved record highs in tandem. However, Ethereum’s current trade setup suggests the token may now be carving out its own narrative.

57.35% of ETH Supply Now in Big Hands

Much of this newfound independence can be attributed to the launch of spot ETH ETFs, which have gained traction following the recent U.S. election results. The institutional interest driving these ETFs has been significant, with crypto whales leading the charge. Santiment Data reveals that whale wallets holding at least 100K ETH now control a staggering 57.35% of the total supply, a level unseen since 2017.

This shift in holdings underscores a long-term bullish signal. As these larger investors consolidate their positions, smaller wallets are diminishing in proportion. Wallets holding between 100 and 100K ETH and those below 100 ETH have dropped to 33.46% and 9.19% of the supply, respectively.

The weekly Ethereum chart reflects this bullish sentiment. A rise above the current resistance level of $4,068 could push the token into the final resistance zone between $4,800 – $4,900, paving the way for a potential retest of its all-time high (ATH). Additionally, the Ichimoku cloud supports this outlook, with a bullish crossover indicating the possibility of an imminent price surge.

Ethereum Eyes $5K ATH Breakout

Market analysts and traders are aligning their forecasts with this optimistic scenario. SmileyCapital, a trader on X, called $4000 “the cheapest ETH you’ll see for a very long time.” His bold prediction hints at Ethereum overtaking Bitcoin in market prominence. Similarly, trader McKenna highlighted the growing “institutional narrative and FOMO” around Ethereum spot ETFs, predicting a surge in interest as Q1 2025 approaches.

Crypto analyst Wolf echoed these views, stating that Ethereum’s chart shows unparalleled explosive potential compared to other tokens. The enthusiasm stems from historical price patterns, which suggest Ethereum could replicate Bitcoin’s previous 60% rise and push toward a new ATH well above $5000.

Intotheblock supports this bullish narrative, revealing that 7.2 million ETH were recently purchased just below $4000. This level now serves as a critical support zone, likely stabilizing prices above this range. The historical patterns also show Ethereum at a similar stage as Bitcoin during its meteoric rise earlier this quarter.