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Ethereum Surges Past $3,400, Bulls Eye New All-Time High by March

Coin WorldFriday, Jan 31, 2025 12:03 pm ET

1min read

Ethereum (ETH) has surged past the $3,400 mark, marking a significant milestone in its ongoing bullish trend. The second-largest cryptocurrency by market capitalization has been on a tear in recent weeks, driven by a combination of institutional accumulation, positive market sentiment, and favorable on-chain metrics.

Analysts have been bullish on Ethereum's prospects, with some predicting a new all-time high by March. According to a recent analysis, Ethereum has entered its short-term expansion phase, with the price structure favoring further upside movement. If ETH maintains its breakout momentum and clears $3,800, it could rapidly test the $4,000 level, with $4,500 in February becoming a strong possibility. Further bullish momentum could push Ethereum to challenge its all-time high (ATH) of $4,878, potentially setting up a new record by March.

Ethereum's recovery follows a sharp downturn earlier in the week, triggered by the emergence of China's AI model, DeepSeek. However, renewed optimism in the broader cryptocurrency market, following the Federal Reserve's decision to hold interest rates steady, has fueled a rebound across both crypto and equity markets. Investors are now shifting focus to the upcoming U.S. Personal Consumption Expenditures (PCE) price index, a key inflation gauge that could further impact market sentiment.

Beyond macroeconomic factors, Ethereum's bullish momentum is also being driven by institutional accumulation. As reported by Finbold, Trump's World Liberty Financial (WLFI) has accumulated over $420 million in digital assets, including more than $210 million worth of Ethereum. On-chain data also indicates a surge in whale activity, further highlighting Ethereum's strong demand. According to an Xpost by crypto analyst Ali Martinez on January 31, Ethereum whales acquired over 100,000 ETH during the recent price dip, signaling a 'buy-the-dip' strategy among large investors.

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