Ethereum gained momentum as investors shift money to ETH and other altcoins from BTC. It hit a high of $3,744 at the time of writing and is currently trading at around $3726.
Strong Buying Interest and Accumulation
Ethereum investors have shown strong buying interest, accumulating over $1.2 billion worth of ETH from exchanges in just five days, reflecting a bullish sentiment. Investors have withdrawn more than 330,000 ETH, indicating long-term holding rather than trading.
Institutional interest
Despite a slight recent price decline, analysts predict Ethereum might challenge its all-time high of $4,868. Institutional interest is growing, with US spot Ethereum ETFs seeing $24.2 million in inflows recently. Additionally, major investors, or whales, have purchased approximately 280,000 ETH worth about $1 billion, further underscoring the optimistic outlook for Ethereum.
Key Levels and Support Analysis
Bullish momentum may be achievable if Ethereum maintains above $3400. The key near-term resistance is at $3820 with significant upward movement targeting $4093/$4866 (all-time high) or even $5000. Conversely, immediate support is around $3400. A fall below this threshold will confirm continued bearish momentum, potentially leading to price drops to $3200/$3000/$2770/$2,500 or $2,300. A breach below $2,000 could see Ethereum plummet to $1,800.
Trading Strategies for Optimistic Investors
Traders may consider buying on dips around $3,600 with a stop-loss around $3,400 and a target price of $4,093/$4865.
