Ethereum is gaining good momentum as major financial institutions build more interest in the coin. Recent reports indicate new confidence in the market as investors and larger players are being attracted. The predictions are that Ethereum is potentially going for yet another significant boost.
At press time, Ethereum (ETH) is trading at $4,677.19. The 24-hour volume for the ETH is $67.26 billion, and the current market cap is $570.35 billion. The price for ETH in the previous 24 hours was up by 3.41%, showing a new surge in the strength of the market.
Crypto analyst CryptoGoos disclosed that investment giants BlackRock and Fidelity have purchased aggregate stakes of $333.8 million in ETH. Such massive investments are a sign of increasing institutional interest in cryptocurrency and can turn out to be highly influential in terms of price action.
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Moreover, crypto analyst Ted highlighted that the price of Ethereum successfully breached the hurdle of $4,700, a significant technical and psychological barrier. The rebound suggests the occurrence of active and bullish buying at the current price levels.
In the near term, the next level of important resistance for ETH is at $4,880. A breakthrough through this level potentially opens the way for a new historical high and possibly more investors’ and larger players’ attention.
But in the event the price for ETH fails to break this barrier, the marketplace potentially experiences a near-term sell-down before making yet another move higher. Analysts are also noting that the current uptrend in ETH aligns with wider acceptance trends, such as institutional funds, ETFs, and additional use in DeFi protocols.
The combination of good investment demand and technical strength can make the coin an ideal target for short- and longer-term investors.
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