Key Takeaways
- ETH’s price holds strong above $4,600 despite the market being scared of a sharp market retracement.
- Institutional market demand for Ethereum rises as price could see a rally towards $6,500 in the coming weeks.
- Crypto experts drop bullish market prediction for ETH as price aims $6,500 as short-term target.
Bitcoin’s price continues to create new records as Ethereum price trails, also exceeding the expectations of many traders and analysts looking to buy into Bitcoin at around $115,000 as the price trades with strong bullish price action.
While BTC keeps creating new highs, Ethereum’s (ETH) price has gained strong market dominance in the last few weeks, following price itching closer to new all-time highs as institutional interest for the second largest cryptocurrency by market capitalization continues to soar higher.
Despite market retracing from its highs of $4,760 towards $4,500, ETH has remained strong as institutions accumulate more prices at this zone.
Institutions Stockpile Ethereum
Institutional investors in the last few weeks have developed a strong interest in ETH, with the likes of BlackRock and Fidelity accumulating more Ethereum, according to WhaleInsider.
Recently, around $488M and $55M worth of Ethereum were purchased by BlackRock and Fidelity, respectively, establishing strong market sentiment towards ETH as the price continues to show bullish dominance in the last few weeks.
Following strong institutional interest in ETH, the price would remain bullish above $4,100 as bulls aim to push its price towards a new all-time high of $6,500 in the coming weeks.
While crypto experts and traders hint at a possible $10,000 for ETH based on institutional interest, a short-term price target for the crypto asset could be around $6,000, which looks more realistic following a strong bullish rally.
Ethereum Price Analysis and Market Sentiment
Source – Ethereum Price Analysis from Jelle on X (formerly Twitter)
Following a market downtrend of over 5 months towards a low of $1,400, the price of Ethereum has demonstrated a strong uptrend since reclaiming the key demand zone of $2,100, as the price flipped this zone from resistance to support.
The price has shifted from bearish to bullish, rallying towards its previous all-time high of $4,880. Crypto experts, such as CryptoJelleNL on X, speculate that the price of ETH faces just one hurdle, which corresponds to its resistance level of $4,880.
If the price of ETH breaks above this zone with strong volume to the upside, the price could ignite a bullish narrative towards $6,500, according to the crypto expert’s price prediction. At the same time, other analysts believe Ethereum would see a 5-digit price.
Despite different opinions on where price could be headed, ETH’s price remains bullish as price could attempt to bridge a close target of $6,500 before rallying to higher price targets.
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