Despite Ethereum's (ETH) price remaining below $5,000, significant asset accumulation is occurring, forming a $7.5 billion base between the $4,300 and $4,400 range. This is drawing attention from analysts projecting potential growth to $6,500 by year-end.
Current Trends in the Ethereum Market
Analysis indicates that approximately 1.7 million ETH have been accumulated at the $4,300–$4,400 level. This points to active investor interest despite sideways price movements in recent weeks.
Support and Institutional Interest
A significant surge in institutional interest is also noted. The Chicago Mercantile Exchange (CME) reported record open interest in Ether futures, particularly in short-term contracts. This indicates confidence from institutional players in the asset's near-term outlook.
Technical Analysis and Forecasts
Technical analysis shows Ether trading largely within the $4,200 - $4,500 range in September, reflecting short-term indecision. Other cryptocurrencies like Bitcoin and Solana are showing clearer upward trends. Traders should be mindful of possible price fluctuations returning to the $4,000 level. Trader Merlijn indicated a bullish monthly momentum shift, stating that a recent MACD shift signals parabolic rally potential if Ether clears the $4,500 resistance level.
Considering observed trends and expert opinions, Ethereum may have growth potential, but investors need to carefully assess market risks.
