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The undisputed number two in cryptocurrencies, the king of altcoins, Ethereum (ETH), continues its struggle to reach $4,000. ETH’s price momentarily surpassed the $4,000 mark in futures trading in the past hours.
Current Status of Ethereum (ETH)
According to data provided by CryptoQuant, Ethereum‘s (ETH) Coinbase Premium Index (CPI) has reached a peak level not seen since May 2023. This indicates a significant increase in market participation by investors in the United States.
This metric examines the price difference between the cryptocurrency on Coinbase and Binance. An increase in the metric can be interpreted as significant buying activity by Coinbase users. Conversely, a decrease or a negative turn in the indicator suggests less trading activity on the US-based exchange.
At the time of writing, ETH’s CPI value was at 0.16. Looking at CryptoQuant’s data, the last time the value was this high was on May 9, 2023. Since February 23, there has been an upward trend in the mentioned index, showing a notable increase of over 400% since then.
The jump in ETH’s CPI coincides with the cryptocurrency’s recent rise above $3,800. Considering the current upward trend in the market, this could also indicate expectations of reclaiming its all-time high (ATH) of $4,800, last seen over two years ago.
A similar situation has emerged in the Asian market. An evaluation of ETH’s Korean Premium Index (KPI) revealed the highest value since May 2022.
The rallies in ETH’s CPI and KPI values demonstrate that investors trading in altcoins have been most active in two different regions of the world for some time.
Ethereum (ETH) Price Outlook
While market activity continues, attention has also turned to the price of ETH. Ethereum recently climbed above $3,990 in the spot market but failed to sustain above $4,000. However, the price did briefly exceed $4,000 in the futures market.
As of the time of writing, Ethereum (ETH) is trading at $3,927, indicating an approximate 1.5% increase. Following the recent rise, ETH’s market capitalization has surpassed $473 billion, with a 24-hour trading volume nearing $26.39 billion, an 18% increase.
