Editor's PiCK
Ethereum surpasses $4,300 for the first time in 4 years and 8 months…13% away from all-time high
Summary
- Ethereum surpassed $4,300 for the first time in 4 years and 8 months.
- It was stated that this surge was driven by new buying pressure and large-scale short position liquidations.
- Industry officials expressed that this rise could signal the beginning of an altcoin rotation cycle.
Ethereum (ETH) has surpassed the $4,300 level for the first time in 4 years and 8 months, raising expectations for a new all-time high.
On the 9th (local time), Ethereum soared almost 7% compared to the previous day in the Binance Tether (USDT) market, touching $4,332 during intraday trading. This is the first time Ethereum has broken above $4,300 since December 6, 2021. It now remains about 13% away from its all-time high of $4,868 recorded in November 2021.
This sharp rise is analyzed to have occurred as large-scale short position liquidations overlapped with new buying momentum and growing momentum buying. The industry is also suggesting the possibility that this increase could signal the beginning of an altcoin rotation cycle.
Doohyun Hwang
cow5361@bloomingbit.ioKEEP CALM AND HODL🍀
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