Key Takeaways
- Ethereum’s price trades above $3,900 as it aims to break the psychological resistance of $ 4,100.
- ETH’s price gained strong bullish momentum following the recent market purchase of SharpLink Gaming.
- Whales’ interest in Ethereum reaches new highs as the price outperforms Bitcoin over the last month.
The price of Ethereum (ETH) currently trades above $3,880 for the first time in over six months, as the price has gained strong market buzz and institutional interest in the last few hours of its price rally.
Ethereum’s price rally has garnered significant social volume as a result of whale accumulation and institutional purchases of over $295 million worth of ETH, part of their strategic ETH treasury reserve.
Such accumulation has seen the price outperform Bitcoin over the last month, with a 55% price rally compared to BTC’s 15% rally. According to crypto experts and investors, the price of Ethereum is on track to reach its all-time high of $10,000, based on market speculation.
Ethereum’s (ETH) Price Rallies Following Institutional Purchase
The price of Ethereum experienced a sharp market surge, according to CoinMarketCap data, as it broke past the $3,900 region following institutional interest from SharpLink Gaming, which made new purchases of its Ethereum holdings in addition to previous purchases.
According to on-chain market data, Lookonchain captured a new Ethereum purchase of approximately 77,210 ETH, worth $295 million, bringing its total Ethereum holding to 438,017, valued at around $1.69 billion.
SharpLink Gaming’s aggressive buying of Ethereum reaffirms the driving factor behind Ethereum’s price performance, which is expected to improve in July ahead of Bitcoin, despite Bitcoin’s price rallying towards new all-time highs of $123,000 in recent weeks. Crypto experts and investors believe that liquidity is being redirected into Ethereum.
Additionally, crypto expert TedPillows on his X account has suggested that liquidity rotation from Bitcoin into Ethereum could be underway, following strong market purchases of over $100 million from whales, which signals bullish market sentiment rather than panic selling across the crypto market.
Ethereum (ETH) Market Sentiment
ETH Whale Activities – Source Glassnode
According to Glassnode’s on-chain data, the weekly and daily accumulation of ETH by whales has exceeded 800k, prompting whale activity to concentrate in holding between 1,000 and 10,000 wallets, which collectively hold over 14.3 million ETH.
Whales and institutional interest have reached new highs, with over 871,000 ETH accumulated, marking a historical milestone for the first time since the 2017 bull run, as market sentiment for Ethereum’s price remains bullish in the long term.
Additionally, technical indicators and analysis for Ethereum (ETH) continue to indicate a bullish market reaction on higher timeframes, as the price is expected to continue trading towards its historical highs of $5,000.
Ethereum 1W Price Chart – Source TradingView
The price of Ethereum on the higher timeframe has indicated a strong bullish price rally to the upside of $4,000, following a recent price breakout above its minor resistance of $3,740, which led to a high of $3,900 before a minor retracement to $3,880.
Technical indicators for Ethereum, such as the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI), have all indicated a bullish volume rise to the upside.
The price of ETH is expected to breakout above its psychological resistance of $4,100 to the upside, as the price could trade higher towards new all-time highs of $5,000. If the price of ETH fails to break key levels of $4,000, it could attempt a retest of its support level at $3,200.
However, current price action for ETH suggests a potential price rally above $4,000 in the coming days ahead of its monthly close.
ETH’s recent price rally has sparked much market reaction among Ethereum’s maximalists. ETH’s cryptoPunk NFT holder, Nick O’Neill, has shared his regret of selling his CryptoPunk NFT in 2024, following Ethereum trading around $2,500, which would have been worth over 60 ETH currently instead of 45 ETH.
Such a market reaction highlights the potential of Ethereum in the coming weeks to months, if the price of ETH breaks towards new all-time highs of $5,000 and potentially new highs.
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