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The cryptocurrency market has recovered from Monday’s slump, with nearly $200 billion added to the market over the last 24 hours. Bitcoin is trading above $119k once again while Ether and Solana lead the market charge.

Ether is now closing in on its all-time high, with analysts betting on it surpassing the $5k mark in the near term. 

Ether, the second-largest cryptocurrency by market cap, is the second-best performer among the top 10 cryptocurrencies by market cap. The coin added 8% to its value in the last 24 hours and was only outperformed by Solana’s SOL (up 12%).

The rally allowed Ether to cross the $4,600 mark and now trades at $4,622 per coin. The surge comes amid growing institutional demand and other macroeconomic factors.

On Tuesday, Treasury Secretary Scott Bessent suggested the Federal Reserve should consider a 50 basis point rate cut at its upcoming September meeting.

Ether is recording institutional growth as demand for Ether-related funds continues to grow. Data obtained from SoSoValue revealed that spot Ether ETFs attracted $520 million in positive flows on Tuesday. They are now on track to reach over $2 billion in weekly flows for the first time.

Augustine Fan, head of insights at SignalPlus, told CoinDesk that,

Ethereum has been the standout, with mainstream equity analysts now joining the FOMO trade. BTC implied volatility remains near all-time lows while ETH’s short-dated vol has jumped materially — that’s a sign traders see more upside and near-term action in ETH. 1

In addition to that, crypto mining and treasury company BitMine filed a Form 8-K prospectus supplement with the Securities & Exchange Commission (SEC) on Tuesday.

According to the filing, the company intends to increase its ATM offering from $4.5 billion to $24.5 billion and will use the proceeds to boost its ETH acquisition.

The company initially filed for a $2 billion ATM offering with the SEC on July 9 before increasing the size to $4.5 billion on July 24. It has now added an extra $20 billion, which could allow the company to achieve its goal of accumulating 5% of the total ETH in circulation.

The ETH/USD 4-hour chart is extremely bullish as Ether has been the best performer among the top 10 coins over the last seven days. It is now approaching the all-time high price of $4,891 it set four years ago.

Analysts are now betting on Ether hitting the $5k mark before the end of the month. The technical indicators support an extended Ether rally. The MACD lines are deep within the positive territory, while the RSI of 74 shows that buyers are currently in control. 

If the positive momentum continues, ETH is surpassing the $4,800 resistance level and setting a new all-time high in the process. An extended bullish run could allow it to reach new highs, with the medium-term target still around $6,000.

However, if the market resumes its bearish trend, ETH’s rally could pause, resulting in the coin testing the support level at $4,182 in the short term.

The post Ether approaches $4,700, targets new all-time high: check forecast appeared first on Invezz

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