Ethereum (ETH) price prediction has been on investors’ radar for a while. Amidst this sentiment, the cryptocurrency surged above $4,000 and, at one point, dropped below $3,200.
However, in the past 24 hours, the price of Ethereum has risen by 10%, with large transactions rising to levels not seen in nearly a week.
Ethereum Sees Significant Institutional Interest
Ethereum’s 10% surge pushed the altcoin to $3,422. On-chain data reveals that increased institutional interest is a major factor influencing Ethereum price predictions.
IntoTheBlock Report: Ethereum Large Trading Surges to 2.83 Million ETH. This surge indicates increased trading activity among whales and major stakeholders.
On the other hand, a decrease in this metric indicates a decline in interest. At the time of writing, these transactions are valued at around $11 billion. Historically, when this metric rises along with the price, it is a bullish sign. Therefore, the price of ETH could rise above $4,500 in the short term.
The Weighted Sentiment indicator suggests that the price of Ethereum could continue to rise. This metric measures the overall market perception of the cryptocurrency, with positive readings reflecting bullish sentiment and negative readings indicating bearish sentiment.
Santiment data shows that the weighted sentiment for Ethereum is approaching the positive zone. If it stays in this range, the value of ETH could continue to increase.
ETH Price Prediction: Is a Rally Above $4,000 Still Possible?
According to the 3-day chart of ETH/USD, the Accumulation/Distribution (A/D) line continues to rise. A rising A/D line indicates that investors are buying, which could push the price higher. When the indicator reading falls, it indicates that investors are distributing, which is a bearish signal.
Since it is the previous case for ETH, it suggests that the cryptocurrency price may break the $3,982 resistance. If this is verified, the price may reach $4,110. However, if the broader market conditions become too bullish, Ethereum price may rise above $4,500.
But if the cryptocurrency fails to break the resistance, the price may not see such a rise. Instead, the price may drop to $3,178.