The increasing institutional interest in Ethereum may lead to a price rise in the near term. Network upgrades and technical factors indicate a continuing bullish trend.
Increasing Whale Activity
There's been a noticeable increase in Ethereum whale activity lately, with the count of addresses holding over 10,000 ETH growing by 2.30% since the start of February. This surge in whale accumulation could be a sign of a growing bullish sentiment as large holders continue to amass. At the time of writing, ETH was trading at $2,712.49, a 3.14% increase over the last 24 hours.
Rising Institutional Demand
This week, U.S. spot Ethereum ETFs bought 146,540 ETH, worth $420.2 million. This significant purchase indicates a clear increase in institutional interest, suggesting a growing confidence in Ethereum’s future. Such large-scale acquisitions tend to increase demand, which in turn puts upward pressure on Ethereum’s price. Moreover, Ethereum recently increased its gas limit from 30 million to 36 million, a change backed by 49% of network validators.
Technical Analysis of Ethereum
From a technical viewpoint, Ethereum seems ready for additional gains. The TD Sequential indicator has recently generated a buy signal on both the weekly and daily charts. This trusted tool helps identify trend reversals, and its recent buy signal suggests that Ethereum may soon enter another bullish rally.
With increasing whale accumulation, rising institutional interest, and network upgrades, Ethereum is well-positioned for continued growth. The tightening of supply and rising demand enable maintaining the bullish momentum and potential price breakouts in the coming months.
