Ethereum is showing noticeable growth, approaching the $4500 mark. Let's explore the reasons behind this trend and the actions of major investors.
Ethereum Price Analysis
Since August 3, Ethereum has been in an upward trend and is currently trading around $4500, less than 10% off its previous record of $4878. Increased demand from institutional investors and rising inflows into ETFs and Ethereum-based investment products are supporting this growth.
Despite profit-taking by large holders, Ethereum remains stable above the psychologically important support level of $4000. Two key technical indicators, RSI and MACD, confirm the ongoing rise, with an RSI of 76 and trending higher, but a drop below 70 could signal a sell.
Chainlink, Polkadot, and Pump.fun
Chainlink, Polkadot, and Pump.fun reported significant price gains of 6% to 9% in the last 24 hours. These tokens are well-positioned to continue climbing alongside Ethereum.
Chainlink is currently 15% below its peak of $27.21, with a target of $30.94. In case of a correction, it could find support at $20. Resistance levels for Polkadot are set at $5.362, with bullish signs on the daily chart. Pump.fun also has short-term growth potential.
Situation with Major Players in the Ethereum Market
Fundstrat, founded by Tom Lee, has announced plans to purchase additional Ethereum through a $20 billion stock offering. Currently, Bitmine Immersion holds $2 billion in Ether.
Major investors, including Arthur Hayes, are also becoming active again, repurchasing Ethereum after taking profits. Hayes recently stated that he 'will never take profit again,' creating a bullish sentiment among investors. ETF inflow data shows a record $1 billion in inflows last week.
The analysis of the current situation in the market indicates that the demand for Ethereum continues to rise due to the actions of major investors and institutional holders. The market shows positive dynamics, and much depends on future investment and trading strategies.
