Ethereum highest monthly close EVER - Has 5K in its sights
After hitting a record high monthly close, it now doesn’t look like it will be long until Ethereum hits 5K.
Ethereum has just printed its highest monthly close ever.
With this sort of momentum, it’s now surely just a matter of time before ETH makes a new all time high that would push price toward 5K.
I mean all you’ve gotta do is take a look at the chart.
Ethereum (ETH/USD) Daily:
Does that look like a chart that says 5K is unreachable?
No way!
ETH/USD record high on the monthly close
While we haven’t quite got that elusive, new all time high, the monthly close is hugely significant.
The monthly close of a market is crucial because for institutional money with targets and balancing to keep tabs on, business must be done before the close.
Say the trading desk at your favourite investment bank has a mandate to balance their crypto trading books heading into the close.
Then they might be forced to dump simply to get it done before the arbitrary number on the calendar ticks over.
Alternatively, say this same trading desk has been trying to build an Ethereum position up to a certain size, but has instead found itself chasing a rising market.
Well, come the last day of the month, you see the type of buying that we’ve seen.
This is why traders are taking notice of extremely bullish looking monthly closes.
Just like what we’re seeing in Ethereum right now.
Honestly as a bull, flows like these are extremely exciting to watch.
So when will Ethereum hit 5K?
In my opinion, Ethereum reaching 5K is inevitable and has been that way for some time.
The DeFi and NFT spaces are going more gangbusters than ever, with the Ethereum network leading the charge across both.
For all of Ethereum’s drawbacks as a network and pushes for alternatives like Solana or Polkadot, the market continues to speak.
This monthly close is just the beginning.
Ethereum is the premier smart contract network and nothing looks like changing any time soon.
If you can’t afford to then you don’t have to use the network, but not having at least some exposure to ETH in your crypto portfolio at this stage, seems reckless.
Might I be so bold as to offer an answer of... this week?
Best of probabilities to you.
Direct from the desk of Dane Williams.
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