Ethereum concluded the week with impressive growth, supported by institutional investors' purchases. However, a slight price dip was observed on Friday.
Ethereum's Market Position
Ethereum closed the week with a 19.7% rise, reaching a peak of $3,671.63. However, on Friday, the price dipped by 1.26% to around $3,565. This dip is likely due to profit-taking ahead of the weekend. According to CoinMarketCap, the lowest price over the week was $2,985, with a sustained uptrend above $3,500.
Institutional Purchases
SharpLink Gaming acquired 4,904 ETH valued at $17.45 million from Coinbase Prime during the price dip. This suggests ongoing institutional confidence in Ethereum's potential despite short-term price fluctuations.
Long-Term Prospects for Ethereum
Recent data shows Ethereum ETFs experienced significant inflows totaling 193,551 ETH or $697.17 million. BlackRock led with an addition of 158,875 ETH to its iShares Ethereum Trust. Additionally, platforms like Aave still demonstrate that Ethereum maintains a dominant position in DeFi with a total value locked of $48.9 billion. The increase in institutional investments indicates strong long-term prospects for Ethereum despite minor profit-taking.
Given the positive trends and robust fundamentals, Ethereum's recent dip could set the stage for its next upward move.
