Ethereum is finally gaining momentum as its price hit $4,000 for the second time in 2024.
Meanwhile, the new Ethereum-based ICO token, Wall Street Pepe, is generating buzz, with its total raised surpassing $1.8 million in its first 72 hours.
Ethereum price recovers thanks to institutional purchases
Ethereum price is rising this week amid unprecedented interest from Wall Street players.
At the time of writing, Ethereum is trading at $3,990 after reaching a high of $4,076 on Friday. It has increased 2% in the last 24 hours, 7.1% this week and 41% this month.
An institutional run sparked the recent rally as Ethereum spot ETFs recorded their biggest daily inflow on Thursday.
As shown in the chart below, Ethereum spot ETF inflows were low during the third quarter, a time when ETH noticeably underperformed rival cryptocurrencies like Bitcoin and Solana.
However, the recent pick-up in institutional interest reflects that smart money players are now bullish on the asset, which is a positive sign for its future.
Analyst Says ETH Will Break $4K Ceiling
The last time ETH hit $4K, a titanium wall of selling pressure caused its price to drop dramatically.
However, with the tailwind of the cryptocurrency bull market, ETF inflows, and President-elect Trump’s pro-crypto stance, ETH has much more momentum this time around.
This is reflected in its price chart, which shows that the rally could just be beginning.
Analyst Crypto Rover noted that Ethereum has formed a “golden cross,” which is where the 50-day moving average indicator crosses the 200-day moving average. A golden cross indicates that a long-term rally is developing as momentum turns bullish.
And he’s not the only one predicting that ETH will continue to rise. Analyst Nashi noted that after reaching $4,000, Ethereum’s next move will likely be $5,000 rather than a pullback towards previous territory.
Nashi noted that Ethereum ecosystem tokens (specifically in the DeFi sector) also have great potential as Ethereum gains traction.
However, Ethereum’s momentum is providing a boon for tokens in its broader ecosystem. For example, new meme coin Wall Street Pepe has enjoyed an unprecedented pre-sale launch, raising $1.8 million in its first three days.
New ERC-20 token $WEPE gains momentum in ICO
Pepe Wall Street ($WEPE) is a new pre-sale token that is taking the market by storm.
The project aims to help the cryptocurrency “little guy” by equipping him with the tools and data needed to succeed.
Wall Street Pepe speaks to those who are tired of missing out on 1000x meme coins like Pepe, Peanut the Squirrel, and Dogwifhat. The project has multiple features that will help you grasp the next one.
He’s also making waves with his brand, which combines the nonchalant demeanor of Pepe Coin with the ruthlessly ambitious charisma of Jordan Belfort.
Analyst Austin Hilton highlighted that Wall Street Pepe offers trading information that provides key data, alpha calls and insider trading strategies, and concluded that this will “revolutionize cryptocurrencies.”
Wall Street Pepe will also have an insider trading community group so users can share trading strategies and make plans to maximize profits.
Multiple ways to win will also be available, such as betting and sharing trading ideas with the team.
“Basically, they offer you to join a private group where they will share early calls and a community of traders. That’s great. This has never been done,” Hilton said.
He also noted that pre-sales offer investors a way to get in “on the ground floor.”
The price will increase as the pre-sale progresses, so potential buyers should act quickly.
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