Ethereum Price Analysis: ETH Intra-Day Rebound Points to $4800 in The Short-Term

Highlights:

• Ethereum price is on a rebound and trending towards $3934.5 resistance
• A rally through the $3934.5 could push Ethereum to its $4800 all-time high
• Rebound across the market could push Ethereum to new highs

Ethereum is in a minor correction intra-day. However, its correction is negligible compared to most altcoins. At the time of going to press, Ethereum price was trading at $3867.30, down by 1.75% in the day. However, trading volumes for Ethereum have dropped sharply in the day. In the last 24 hours, Ethereum trading volumes have dropped by 22.39% to stand at $50.74 billion.

This is a positive indicator for Ethereum as it means those who already hold Ethereum are not trading it, as they await the next market moves. The positive sentiment in Ethereum is already evident in the fact that institutional money is currently flowing into Ethereum in a big way.

Ethereum ETFs Hit Record Highs

The latest data shows that in the last 24 hours, Ethereum has recorded the highest ETF inflows since it launched. On December 5, Ethereum ETFs recorded inflows of $428 million. Not only is this a big number for Ethereum ETFs, but it was also the 9th day in a row that Ethereum ETFs have recorded positive inflows. Data shows that between November 22 and yesterday, December 5, Ethereum ETF inflows hit a high of $1.3 billion.

💥BREAKING: BlackRock bought 292.69M worth of #Ethereum yesterday!

THEIR BIGGEST PURCHASE EVER!🚀 pic.twitter.com/brnw4fFsYq

— Crypto Rover (@rovercrc) December 6, 2024

This is an indicator that institutional money expects Ethereum to go much higher despite the recent price rally that has seen it come close to hitting $4000. This also sends all the right signals across different metrics for Ethereum. For instance, when using the MACD, some analysts predict that the Ethereum price has avoided a bearish crossover.

The upside momentum, analysts note, is also given impetus by the fact that the 20-day and 50-day moving averages are all on an uptrend. It underpins the fact that Ethereum is gradually pushing higher and that it could soon enter a new bull market.

Ethereum Price Set to Soar as Money Rotates into Top Altcoins Amid Market Cycle

Besides the excitement around the Ethereum ETFs, Ethereum is getting a boost from the fact that it is at the top of the crypto money rotation cycle at this point. After Bitcoin blowoff through the $100k high, investors are likely to start rotating money into altcoins. Ethereum being one of the best-known altcoins is likely to attract the most of this money. 

This is already manifesting itself in the fact that institutional money has gone quite heavily into Ethereum over the past week. This rotation into Ethereum could trigger FOMO and push Ethereum to new highs, similar to what has happened in past cycles. Some analysts are predicting that if the current push into Ethereum price continues, the price could rally to $5000 or higher soon.

Ethereum FOMO Is Getting Stronger

Major bullish predictions are already coming up for Ethereum price, especially on social media. One analyst recently pointed out that the coming Ethereum breakout could see the price rally to $10k soon. Another analyst wrote on X that Ethereum could be about to do a parabolic price run that could see it rally to $17k within the cycle. 

While it is hard to predict the exact price that Ethereum will top out, such predictions could trigger retail FOMO that could push Ethereum to prices above $10k as the cycle gains traction.

Technical Analysis – Ethereum Price Rebounds After Minor Correction

From the charts, Ethereum is on a strong rebound after failing to hit the intra-day support at 3833.1.

If bulls sustain the current momentum, the key level to watch will be the $3934.5 resistance. A rally through $3934.2 could see Ethereum price rally to its all-time high of $4800.