Recently, Ethereum (ETH) has been experiencing significant market dynamics, attracting investor attention due to strong ETF inflows and active purchases by major players. Current trends indicate potential new price records for ETH.
Market State and Ethereum Price Predictions
Ethereum currently ranks 22nd globally by market capitalization, surpassing Mastercard and Netflix. A recent report recorded a record $1.01 billion in ETF inflows, indicating high institutional demand. Predictions suggest a possible reach of price levels between $4,800 and $5,000 in the coming weeks.
Technical Analysis and Key Levels
The current price of Ethereum stands at $4,300, with nearest resistance levels around $4,344 and a stronger barrier between $4,400 and $4,450. A breakout above these levels could trigger a short squeeze. The RSI indicator at 73 indicates overbought conditions, necessitating caution in the short term.
On-Chain Data and Corporate Purchases
Recent data shows significant accumulation by large investors. One entity acquired 312,052 ETH worth approximately $1.34 billion, highlighting the growing interest from institutional investors. BitMine Immersion reported holdings of over 1.15 million ETH, making it the largest corporate holder of this asset.
Analysis shows that Ethereum is on the brink of a potential breakthrough amid favorable market conditions and strong institutional demand. Despite some signs of being overbought, ETH's momentum may lead to new heights in the coming weeks.
