The price of Ethereum demonstrates steady growth since the beginning of the month, supported by positive market news and increased institutional investments. Analysts note that current factors may contribute to further price increases for Ethereum.
General Market Status of Ethereum
Since the start of the month, Ethereum's price has surged over 23%, reaching $3,238.35. This has been driven by the overall rise in the Bitcoin market, which has lifted other leading assets, including Ethereum. With a trading volume of $38.76 billion, Ethereum has prospered on major exchanges, especially Binance.
Institutional Investments in Ethereum
A significant number of large wallets and institutional investors increased their Ethereum holdings in July. Notably, a new institution withdrew 32,566 ETH (about $89.3 million) from Kraken, while investment firm Abraxas Capital has acquired nearly 30,000 ETH from Binance and Kraken. SharpLink Gaming continues to increase its exposure, now holding 287,083 ETH valued at around $908 million.
Expectations and Possible Risks
While the current price dynamics for Ethereum appear positive, there are signs of market overheating. A RSI reading of 82.01 suggests potential pullbacks. Traders may begin taking profits, especially after such significant growth. If prices dip below $2,900, support levels may be found around $2,700 to $2,800.
The current situation around Ethereum has both positive and potential negative aspects. The growing interest from institutional investors may support high prices, but it is essential to consider risks and possible corrections that may occur in the markets.
