Ethereum continues to demonstrate positive dynamics, with the latest price increase of 10%. Analysts highlight several key factors contributing to the new bullish trend.
Sharp Price Increase of ETH
Currently, the price of Ethereum hovers around $4,717 after a sharp surge of 10% in the last 24 hours. Analysts attribute this to increasing institutional activity and technical breakthroughs in the market.
Technical Forecasts and Targets
Analyst EGRAG CRYPTO confirmed that ETH/BTC has successfully broken a multi-year descending resistance trendline. The short-term bullish target is 0.05440, with higher resistance levels at 0.07331 and 0.08773. Analyst Titan Crypto also pointed out a confirmed bullish flag breakout on the Ethereum chart with a target price of $5,400.
Institutional Activity and Open Interest
According to analyst Maartunn, open interest for Ethereum has reached a record over $34.5 billion, indicating aggressive trader actions. Meanwhile, Glassnode data showed a net outflow of 111,000 ETH from U.S. spot Ethereum ETFs, increasing market volatility. However, confidence in the asset remains high, especially following a recent $5 million purchase of Ethereum by former U.S. President Donald Trump.
Under current conditions, Ethereum shows resilience and an inclination toward growth, although potential price corrections may also occur. Institutional support and activity remain key factors influencing the market climate.
