Ethereum's Rally Gains Momentum as Institutions Pour In, Price Nears $10,000
Ethereum's latest rally is gaining significant momentum, with institutional investors and ETFs pouring in, driving its ethereum price towards $10,000 despite stock market today volatility.
Institutional participation is robust this time, with major financial players like JPMorgan and BlackRock shifting from crypto skepticism to market leadership. BlackRock's tokenized money market fund, with around $2 billion in assets, is a testament to this trend. Ethereum's price action mirrors its 2021 rally, with a 'dead cat bounce' and retest, suggesting a larger upward move. Daily active addresses have surged 45% year-over-year to over 642,000, reflecting increased usage and engagement. Netflows from exchanges have been largely negative, indicating strong accumulation trends and reduced supply. Ethereum has flipped $4,000 resistance into a solid support zone, demonstrating bullish confidence at this level. Traders should closely watch key levels, particularly $4,300, to determine Ethereum's near-term direction.
Ethereum's strong performance and increased network adoption, coupled with institutional support and growing ETF inflows, are driving its ethereum price towards $10,000. Despite stock market today volatility, Ethereum's immediate support is at $4,182, with nearby resistance between $4,293 and $4,300.
