Billions in Institutional Money Bets Ethereum to Break $4,000 This Time
Main Idea
Ethereum (ETH) is experiencing significant institutional investment and bullish market signals, with analysts predicting a potential breakout above $4,000 due to strong on-chain data and ETF inflows.
Key Points
1. Ethereum's price is in a key resistance range of $4,100-$3,900, with weekly new highs for the past five weeks.
2. Analyst Dan Gambardello suggests ETH could retest its all-time high (ATH) of $4,878, supported by bullish indicators like RSI and MACD.
3. U.S. spot Ethereum ETFs have recorded $5.12 billion in net inflows this month, with BlackRock’s ETHA leading at $3.83 billion.
4. Sharplink Gaming Ltd. purchased an additional 77,210 ETH ($295 million), now holding 438,017 ETH, indicating strong institutional interest.
5. The bullish outlook is reinforced by on-chain data and institutional inflows, though a failure to maintain momentum could invalidate the midterm bullish perspective.
Description
Ethereum price has recorded a sustained bull run in the past month. BlackRock leads in aggressive accumulation of ETH, resulting in a deflationary digital asset. Sui (SUI) and Cardano (ADA) are top altcoins to monitor for an Altseason indicator. Ethereum (ETH) price has entered a key resistance range between $4,100 and $3,900, which has resulted in multi-week choppy markets since March 2024. The large-cap top-tier altcoin, with a market valuation of $469 billion, has set a new local high each we...
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