Current Ethereum (ETH) Price Setup Shows Next Stop At $4,000

Key Notes

• Ethereum’s on-chain activity has grown, with active addresses rising 17% and Layer 2 dominance increasing by 18%.
• Institutional adoption is also accelerating, as SharpLink Gaming seeks to raise $1 billion to bolster its newly established Ether treasury.
• Spot Ethereum ETFs have recorded 11 consecutive days of net inflows, totaling $78.4 million on Monday.

Ethereum

ETH $2 621

24h volatility: 4.6%

Market cap: $316.44 B

Vol. 24h: $17.46 B

price is once again showing strength, gaining 5.52% in the last 24 hours and is currently trading at $2,617.

The recent bounceback from the crucial support of $2,500 comes with a 52% increase in the daily trading volumes, now reaching $20.24 billion, showing strong traders’ interest in the altcoin.

Ethereum Price Can Rally to $4,000 From Here

Popular crypto analyst Rekt Capital has shared an Ethereum price chart showing that bouncing back from the support of $2,500, could lead to a rally back to $4,000, which is the upper end of the macro range. However, ETH price first needs to cross the $2,900 resistance to validate the upside.

Back in 2021, ETH had a similar price setup, which led to “god candle” formations and strong upside ahead. “Ethereum is trying to repeat history and position itself in a similar way to the green circled retest of mid-2021,” wrote Rekt Capital.

The Ethereum on-chain activity has also been exploding over the past few weeks. Last week witnessed a 17% jump in the number of Ethereum active addresses, while the blockchain’s Layer 2 dominance has also increased by 18%.

On the other hand, institutional acceptance for Ethereum is growing quickly. Last week, U.S.-based sports betting platform SharpLink Gaming filed with the Securities and Exchange Commission (SEC) to raise up to $1 billion through a common stock offering. The funds aim to bolster the holdings of its recently established Ether treasury.

“We intend to use substantially all of the proceeds from this offering to acquire Ether, the native cryptocurrency of the Ethereum blockchain commonly referred to as “ETH,” said the gaming firm.

Ether ETF Inflows on the Rise

Inflows into spot Ethereum ETFs have gathered pace over, with the products recording net positive flows for 11 consecutive trading days. On Monday, BlackRock’s iShares Ethereum Trust (ETHA) witnessed the most inflows at $48.4 million, followed by Fidelity’s FETH at $29.8 million, taking total inflows to $78.4 million.

On the other hand, Bitcoin ETFs outflows have gone up. Some market analysts also refer to this as capital rotation from BTC to ETH. According to a recent filing by REX Shares, staking for spot Ethereum ETFs may launch within the next few weeks.

These funds, structured as 40-Act funds, employ an innovative strategy that circumvents the conventional 19b-4 approval process.

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Presale Highlights

• Current Price: $0.0037515
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• Ticker: $MIND

Launch Date: December 2024

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