Ethereum Eyes $5,000: Driving Bullish Trends and Institutional Interest

• Ethereum is holding the support level around $3,500, and there is a probability of a bullish trend up to $5,000 by the end of 2024.
• This study of daily transactional activities also shows that the inflow of 700,000 ETH in the whale’s pocket increases less supply and therefore may increase demand and hence its price by $2.48B.
• Highly bullish background in RSI and exchange netflow figures, still, the presence of potential threats in the shape of regulations and macroeconomic trends.

The second-largest cryptocurrency by market capitalization, Ethereum, might not have any breakthrough to expand its value in 2023, but experts are predicting that the highest possible price in 2024 would be $5,000. Through the past month, Ethereum has been trading at a bearish tone slightly beneath $4,000, although it has managed to establish crucial support at $3,500 recently. This has boosted confidence among analysts and investors as they hope for periodic returns on their investments.

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Community members specializing in the Ethereum cryptocurrency, which, he notes, can stabilize at the $3,500 level, while maintaining a bullish trend. Moreover, a recent trend of ETH movement in which over 700K ETH, $2 billion equivalent, was transferred to whale wallets.This indicates that the available supply of this asset in exchanges may be shrinking, and were demand or interest in it to remain the same or rise, the price would be expected to go up.

Other Bullish markers include the Relative Strength Index (RSI) and the Ethereum exchange net flow and all show signs that could signal the next price rise. RSI that depicts the speed and change in price has not pulled down from below 70 since May 23rd, evidence that Ethereum is in an overbought position. Also newer to the equation is that exchange inflows into Ethereum have significantly exceeded outflows suggesting that users are moving to self-custody solutions and therefore selling pressure is not as immediate as we may think.

Regarding future estimations, analysts say that Ethereum is likely to show more oscillations in the following months, optimistically hinting at a rise towards $5,000 in the third quarter of 2024.

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