Ethereum Breaks $4,000 Barrier: How Soon Until It Overtakes Its All-Time High?

Ethereum [ETH] has surged past the $4,000 mark, marking a significant milestone in its recent price rally.

Ethereum Revisits Price Levels Seen During Previous ATH, RSI Signals Overbought Conditions

ETH last touched this price range between October and December 2021, aligning with its previous all-time high of $4,878. Analysts note a strong overbought trend, as indicated by the Relative Strength Index (RSI) surpassing 80, suggesting a bullish market.

Source: TradingView

However, with the RSI signaling overbought conditions, a potential price correction could be on the horizon before Ethereum resumes its upward momentum towards a new all-time high.

Ethereum Price Surge Drives 95% of Supply into Profit, Reflecting Bullish Sentiment

The surge in Ethereum's price has also led to a notable increase in overall profitability.

At present, over 95% of Ethereum's total supply, equivalent to over 128 million ETH, is in a profitable state. This marks a significant shift from the previous period when the majority of the supply was held at a loss, indicating a positive market sentiment.

Source: Santiment

Ethereum's Funding Rate Hits 0.07% Amid Rising Buyer Confidence; Open Interest Surges Over $13 Billion

Furthermore, Ethereum's Funding Rate has spiked to its highest level since March 5th, reaching around 0.07%. This surge in buyer aggression, reflected in the Funding Rate, suggests growing confidence among investors.

Source: Coinglass

Additionally, Ethereum's Open Interest has reached its highest level in over a year, surpassing $13 billion. This surge in derivatives indicates increasing optimism among traders regarding Ethereum's potential to surpass its current price levels.