Ethereum has reached a significant milestone this week, surpassing the $4,400 mark as institutional interest in the cryptocurrency continues to grow. This surge is largely attributed to increased inflows from institutional investors and the popularity of exchange-traded products (ETPs). Based on the data provided in the document, it is clear that these trends are likely to continue in the near future.
Financial Institutions Raise Ethereum Price Targets
Major financial institutions, including Citigroup, have responded to this bullish trend by raising their year-end price targets for Ethereum. They cite a rising demand for exchange-traded funds (ETFs) and treasury investments as key factors driving this optimism.
On-Chain Indicators and Market Analysis
On-chain indicators reveal a consistent buying interest among traders, who are now closely monitoring the $4,500 level as the next significant resistance point. Analysts suggest that a successful breakout above this threshold could pave the way for further price appreciation. Meanwhile, support levels are identified around $4,222 and $4,074, providing a safety net for investors amid market fluctuations.
In contrast to Ethereum's recent price surge, Optimism (OP) has faced a dramatic price drop of 3197% within 24 hours, despite a significant increase in trading volume. For more details, see the full report here.
