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The undisputed number two in cryptocurrencies, the king of altcoins, Ethereum (ETH), continues its struggle to reach the $4,000 mark. ETH’s price briefly left $4,000 behind in futures trading in the past few hours.
The Current State 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 recently.
The mentioned 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 can be interpreted as reduced trading activity on the US-based exchange.
At the time of writing, ETH’s CPI value was showing 0.16. Looking at CryptoQuant’s data, the last time the value was this high was on May 9, 2023. There has been an upward trend in the mentioned index since February 23, showing a remarkable 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 be seen as an indicator of expectations for the cryptocurrency to reclaim its all-time high (ATH) of $4,800, last seen more than two years ago.
A similar situation has emerged in the Asian market. An evaluation of ETH’s Korea Premium Index (KPI) revealed the highest value since May 2022.
The rallies in ETH’s CPI and KPI values indicate that investors trading in altcoins have been the 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 rose above $3,990 in the spot market but failed to leave $4,000 behind. Nevertheless, the price briefly surpassed $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, while the 24-hour trading volume has approached the $26.39 billion mark with an 18% increase.
