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Will Ethereum Price Hit ATH This Week? Key Levels to Watch
Ethereum’s (ETH) impressive performance in the past two months has pushed its price above a crucial resistance level of $3,953. However, this milestone could either delay or confirm further bullish sentiment for the largest altcoin.
In the near term, ETH might consolidate to attract more buyers, particularly as Bitcoin (BTC) price soars beyond $105k, stealing the spotlight and potentially diverting attention from other assets like Ethereum. This development may cause large-cap altcoins to take longer to gain new liquidity amid slow cash rotation from Bitcoin.
Ethereum Whales on the Move
Interestingly, data provided by Glassnode reveals that the number of Ethereum addresses holding over 10k ETH has continued to increase exponentially recently. Notably, this growth aligns with the ongoing decline in Ether supply on centralized exchanges; more than 95k ETH units were withdrawn from CEXes in the past seven days.
Moreover, US spot Ether ETFs have witnessed net cash inflows exceeding $2 billion over the last three weeks. The majority of these inflows came courtesy of BlackRock’s ETHA, which recorded a weekly inflow of approximately $854 million during the previous week.
What to Expect Next
Given the surge in institutional investor interest and demand for Ether, the bullish prospects have increased significantly. From a technical analysis perspective, ETH is poised to reach $5,250 in the near term, which coincides with the daily Fibonacci extension.
For confirmation of this parabolic rally, however, the weekly Relative Strength Index (RSI) will need to rise above 70% for the first time since earlier this year.
Source: coinpedia.org
