Bitcoin News
Keep up to date with all the latest cryptocurrency

ETH Climbs Above $4,000: Why Is Ethereum Up Today?

The digital asset market has seen positive sentiment abound for the last week. Subsequently, ETH has climbed above the crucial $4,000 level, leaving many investors to wonder why Ethereum is up today. Indeed, the cryptocurrency has increased by as much as 17% over the last 24 hours alone, according to CoinMarketCap.

The current price level is the highest that Ethereum has reached since 2021, marking a significant landmark for its price. Moreover, it follows Bitcoin’s (BTC) lead over the past seven days. Specifically, BTC had reached a new all-time high earlier this week, surpassing $69,000.

Ethereum (ETH) To Climb Above $4,000 This Weekend?

Also Read: Ethereum Dormant Whale Moves 10,000 ETH As Price Crosses $3,800

Why is Ethereum (ETH) Up Today?

At the start of 2024, digital asset investors had high hopes for the market. With the US Securities and Exchange Commission (SEC) approving 11 Spot Bitcoin ETFs, there was optimism surrounding how BTC could perform. More than two months into the new year, that anticipation has proven true.

Now, that asset has also increased the value of tokens throughout the market to this point. Indeed, one of the clear beneficiaries is ETH, which has climbed above the $4,000 level, with Ethereum up as much as 17% over the last 24 hours. The overall increase over the last week, culminating in the day’s performance, has been a byproduct of the overall market’s health.

Ethereum Shows Steady Growth; ETH Could Hit $3000 With This Breakout

Also Read: Ethereum: Your ETH Investment in Nov 2022 Would Be Worth This Much

According to IntoTheBlock, a remarkable 94% of Ethereum holders are now in profit. Moreover, the current level of the asset means that only 6% of those holders are breaking even. Alternatively, there are no ETH investors who are currently out of money; meaning they would take a loss if they sold their holdings.

Ultimately, the price increase is likely connected to the interconnection between BTC and ETH. The data shows a price correlation of 0.97 between the two market leaders. Furthermore, the investors in Ethereum are often long-time investors. Specifically, figures show that 75% of investors have held ETH for more than a year. Alternatively, only 21% have held the asset between one month and one year.

Ultimately, these optimistic metrics have combined with anticipation over the network Dencun upgrade. Specifically, this event is scheduled to occur in the middle of next week. Moreover, it is set to introduce proto-danksharding, seeking to increase the affordability of layer-2 transactions for ETH users.

Read More: ETH Climbs Above $4,000: Why Is Ethereum Up Today?

Disclaimer:The information provided on this website does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website’s content as such. does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.

Notify of
Inline Feedbacks
View all comments