Bulls Eye $4K ETH Price as Ethereum Leads Crypto Rebound

Ethereum (ETH) has gained ground to start the week on high as crypto assets rebound following days in the woods. Ethereum is up 6.83% in the last 24 hours taking its weekly position to a 4% gain after a slight market correction. 

The leading altcoin is among the top assets as cryptocurrencies rebound today. Bitcoin is up 2.89% to trade at $71,625. Bitcoin at that range has ignited traders for more inflows as investors shift little focus to altcoin. 

Toncoin (TON) and Ripple (XRP) have soared 9.4% and 2.9% respectively with inflows taking the wider market capitalization above $2.6 trillion, a 2% increase today. The uptick is also recorded in decentralized finance (DeFi) protocols and the memecoin market showing increasing inflows and booming sentiments over the past day. 

Ethereum Bulls Eye Run

This year, Ethereum has recorded inflows as institutional funds trickle into the market. The price of the asset moved above $4,000 last month but slumped below $3,500. At press time, the asset trades at $3,653 above the resistance with bulls anticipating a larger price action. 

The approval of spot Bitcoin ETFs pushed its price to an all-time high as the new investment window opened. Institutional investors now await the approval of spot Ethereum ETFs in the United States, a move market participants have described as a bullish factor that could take the price to a new all-time high. 

At the moment, crypto users on social media have set $4,000 for the assets rebound should a bull run ignite in the market. Despite $22 million outflows from Ethereum this week, the asset institutional funds raked in $52 million this year with a total of $14 billion in assets under management (AUM). 

Further US$646m inflows into Bitcoin ETFs, but signs of hype moderatinghttps://t.co/gZEvJgr90T

— James Butterfill (@jbutterfill) April 8, 2024

ETH Bullish Futures Market 

A new CryptoQuant report shows a spike in funding rate metrics and Open Interest as bullish sentiment heightens activity in the Perpetual Market. 

On-chain review shows a spike in the metric as its price gains an upward momentum. 

“This indicates an aggressive execution of long positions by participants. Similarly, the uptrend in the Open Interest metric also reflects heightened activity, signaling an overall heated state in the futures market.” 

Also Read: 1inch Network Launches Crypto Web3 Debit Card with Mastercard

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