This article presents a positive outlook on Ethereum (ETH) price, with technical analysis and institutional cash flow information supporting potential price increases in the near future. Below is a key summary:
Ethereum Technical Analysis
1. Price trend:
• Ethereum's price action shows strong bullish signals, with a bullish engulfing candle pushing the price from $3,323 to $3,688.
• Currently, ETH is trading at $3,589, down slightly by 1.87% after a prior 10% increase.
2. Key indicators:
• EMA: The golden cross between the 100-day and 200-day EMA reinforces bullish sentiment.
• MACD: The bullish histogram chart has reappeared, indicating that buying pressure is dominant.
3. Support and resistance levels:
• Key support: $3,400, with additional support at $3,200.
• Short-term resistance: $3,668. Once surpassed, the next target will be $3,800 and further $4,000.
• The net accumulated cash flow of Ethereum ETFs reached $240.41 million, with funds like Fidelity and Grayscale leading the way.
• The total net assets of spot Ethereum ETFs reached $10.80 billion, accounting for 2.47% of Ethereum's market capitalization.
• Impact: Incoming cash flow from institutions could create significant momentum for Ethereum's price, especially if the trend continues in the coming months.
Ethereum price forecast
• Potential for price increase:
• With support from technical indicators and institutional cash flow, the ETH price could surpass $3,668 and approach the $4,000 target.
• Potential risks:
• If the momentum slows down, ETH may test the critical support level of $3,400.
Conclusion
Ethereum is in a strong growth phase, with technical factors and institutional cash flow as the foundation. However, to reach $4,000, ETH needs to maintain positive market sentiment and continue receiving support from fundamental factors.
