The price of Ethereum’s ether (ETH) broke above the $4,000 mark on Friday for the first time since March.

The second-largest cryptocurrency is up 2.4% in the last 24 hours and 8.4% in the last seven days, outperforming bitcoin (BTC) in both timeframes. The move comes as spot ether exchange-traded funds saw record inflows on Thursday.

As of writing, ether is trading for $4,033, just 2% away from setting a fresh 2024 high. It’s also a mere 20% away from its all-time high of $4,868. The ETH/BTC ratio, which has been getting hammered since September 2022, has reached 0.04 again — a level that marked a brief top for ether in relation to bitcoin on Nov. 10.

The Coinbase premium on ether also continues to expand — meaning that ether is trading for a higher price on the exchange than on the most liquid crypto exchange, Binance. Coinbase premiums are generally seen as a sign of demand among U.S. institutional investors as well as retail participants. TradingView data shows a slight increase in ether’s price on Coinbase relative to Binance, suggesting the market is driven by activity from the U.S,., which

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Author: James Van Straten, Tom Carreras