On Thursday, the cryptocurrency landscape saw a remarkable surge, with Ethereum (ETH) rising by over 4% to touch a new significant milestone. This impressive growth can be attributed to the sustained enthusiasm from investors and strong demand over the past few weeks.

As reported by Blockchain Insights data, Ethereum’s value skyrocketed past the $8,000 mark, reaching an impressive $8,300. This breakthrough not only signifies a robust recovery but also surpasses its previous record during market highs earlier this year.

Ethereum’s Climb Supported by Positive Market Sentiment

The surge in Ethereum’s price can be linked to various converging elements, especially the recent interest in decentralized finance (DeFi) projects. With more investors seeking alternatives to traditional finance, Ethereum’s utility as a platform for smart contracts is increasingly recognized.

Moreover, the prevailing economic conditions, alongside a general bullish sentiment in the markets as inflation rates stabilize, have created a ripe environment for Ethereum’s growth.

John Flannery, a prominent crypto analyst, remarked, “Ethereum’s recent uptick is a culmination of strategic movements within the DeFi ecosystem and an overall shift in investors’ mindset.”

“If regulations continue to ease and Bitcoin’s momentum boosts altcoins, we might see Ethereum entering a new phase of growth,” Flannery added in a recent interview with Crypto News.

Can ETH Hit $9,000 Soon?

Analysts are now setting ambitious targets for Ethereum’s future. Blockchain analyst Crypto Guru, who accurately predicted Ethereum’s previous rise, believes that a target of $9,000 is not out of reach.

In a recent post on X (formerly Twitter), the analyst conveyed that ETH could climb to between $8,800 and $9,000, representing a potential 8% increase. This surge may signify the start of a new bullish cycle for Ethereum.

At this point, ETH is working to establish a support base above $8,200, aiming to reinforce this level as new backing for future price advancements.

Featured image from DALL-E, chart from TradingView.com