“According to ETH’s realized price—the average price at which holders purchased their ETH—the current upper limit for ETH’s price stands around $5.2k,” CryptoQuant said.
Ether spot ETFs posted a 13-day inflow streak on Wednesday, reaching nearly $2 billion in cumulative net inflows.
Investor demand, onchain metrics and network activity are setting up ether to reach a $5,000 level for the first time, CryptoQuant analysts said in a report. Meanwhile, the total supply of ETH has reached its highest level since April 2023, but the amount of ETH burned via fees has been growing since September. The total supply of ETH has reached 120 million, marking the highest level since April 2023.
“This upper limit marked the top for ETH in the 2021 bull run. However, as new market participants buy ETH at higher prices, this upper price band continues to rise,” they added.
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