The price outlook for Ethereum (ETH) has long attracted investors' attention. In this context, the Cryptocurrency has surpassed the $4,000 threshold and, at one point, dropped below $3,200.
However, in the past 24 hours, the price of Ethereum has increased by 10%, with large trades soaring to levels not seen in nearly a week.
Ethereum Sees Notable Interest From Institutions
The 10% increase of Ethereum has pushed this altcoin to a level of $3,422. On-chain data reveals that increasing interest from institutions is a key factor influencing Ethereum's price outlook.
IntoTheBlock reports that large trades of Ethereum have increased to 2.83 million ETH. This increase indicates increasingly active trading among 'whales' and key stakeholders.
Conversely, the decline of this index indicates waning interest. At the time of writing, these trades are valued at about $11 billion. History shows that when this index increases alongside the price, it is a positive signal. Therefore, the price of ETH could rise above $4,500 in the short term.
Large Ethereum trades. Source: IntoTheBlock
The Concentrated Sentiment index may indicate that the price of Ethereum continues to rise. This index measures the overall market perception of a Cryptocurrency, with positive results reflecting an optimistic sentiment and negative results indicating a negative sentiment.
Data from Santiment shows that Ethereum's Concentrated Sentiment is approaching the positive zone. If maintained in this area, the value of ETH could continue to rise.
Ethereum's Concentrated Sentiment. Source: Santiment
ETH Price Prediction: The Possibility of Surpassing $4,000 Remains
According to the 3-day ETH/USD chart, the Accumulation/Distribution (A/D) line continues to rise. An upward A/D line indicates that investors are buying in, which could push the price higher. When this index declines, it is a sign that investors are distributing, which is a negative signal.
In the current situation of ETH, this implies that the Cryptocurrency price could break the resistance level of $3,982. If confirmed, the price could reach $4,110. However, if the broader market conditions become extremely optimistic, the price of Ethereum could soar above $4,500.
Ethereum price analysis over 3 days. Source: TradingView
But if Cryptocurrency cannot break through the resistance level, the price may not experience such a sudden surge. Instead, the price may drop to $3,178.