Ethereum Price Outlook: ETH Large Transactions Reach $11 Billion, Rebound 10%

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The price outlook for Ethereum (ETH) has been a focus of investors for some time. Under the influence of this sentiment, the cryptocurrency once surged above $4,000 and dropped below $3,200 at one point.

However, in the past 24 hours, the price of Ethereum has risen by 10%, with large transaction volumes climbing to the highest level in nearly a week.

Ethereum's 10% rise has pushed its price to $3,422. On-chain data indicates that increased interest from institutional investors is a key factor influencing Ethereum's price outlook.

IntoTheBlock reports that large transactions of Ethereum have surged to 2.83 million ETH. This increase suggests that trading activity among whales and key stakeholders has intensified.

On the other hand, a decline in this metric indicates that interest is waning. At the time of writing, these transactions are valued at approximately $11 billion. Historically, when this metric rises alongside the price, it is a bullish signal. Therefore, the ETH price may rise above $4,500 in the short term.

The weighted sentiment indicator suggests that Ethereum's price may continue to rise. This indicator measures the overall market sentiment towards the cryptocurrency, with positive readings reflecting bullish sentiment and negative readings indicating bearish sentiment.

Santiment data shows that Ethereum's weighted sentiment is nearing positive territory. If it remains in this area, the value of ETH may continue to increase.

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