The search popularity of Ethereum has surged in recent weeks, coinciding with an increase in the cryptocurrency's price. Analysts suggest a potential for further price escalation.
Rising Interest in Ethereum
Since mid-July, there has been a significant rise in global interest in Ethereum, particularly in the UAE, New Zealand, India, Australia, and the United States.
Price Movement Analysis
In the past week, ETH has increased by 27%, reaching approximately $4,618. Analysts point to a breakout from a multi-year inverse Head and Shoulders pattern that could signal a rise to $22,000, should the bullish trend sustain.
Institutional Investments
Institutional flows are also fueling the growth. On August 12, spot Ethereum ETFs saw net inflows of $523.9 million, driven by BlackRock and Fidelity, which had recorded a surge of $1.02 billion the day before.
If inflows remain strong and the support level at $4,500 holds, Ethereum may soon test the $5,000 mark.
