The Ethereum (ETH) price outlook has long been noticed by investors. Against this backdrop, the cryptocurrency rose above $4,000 and, at one point, fell below $3,200.
However, in the past 24 hours, Ethereum’s price has increased by 10%, with major transactions skyrocketing to levels not seen in nearly a week.
Ethereum Sees Significant Interest From Institutions
Ethereum’s 10% rally pushed the altcoin to $3,422. On-chain data reveals that growing institutional interest is a key factor influencing Ethereum’s price outlook.
IntoTheBlock reports that major Ethereum transactions increased to 2.83 million ETH. This increase shows that trading activities are increasingly active between “whales” and key shareholders.
On the contrary, a decline in this index shows that concerns are easing. At the time of writing, these transactions are valued at approximately $11 billion. History shows that when this index increases in the same direction as the price, it is an optimistic signal. Therefore, the price of ETH could increase beyond $4,500 in the short term.
The Concentration Sentiment Index could show that Ethereum price continues to rise. This index measures the overall market perception of a Cryptocurrency, with positive readings reflecting bullish sentiment and negative readings indicating negative sentiment.
Data from Santiment shows that Ethereum’s Centralized Sentiment is approaching positive territory. If it remains in this area, the value of ETH could continue to increase.
ETH Price Prediction: Chance of Surpassing $4,000 Still Remains
According to the ETH/USD 3-day chart, the Accumulation/Distribution (A/D) line continues to increase. A rising A/D line shows that investors are buying, which could push prices higher. When this index decreases, it is a sign that investors are distributing, which is a negative signal.
In ETH’s current situation, this implies the Cryptocurrency price could break the $3,982 resistance level. If confirmed, the price could reach $4,110. However, if broader market conditions become extremely bullish, Ethereum price could fly higher than $4,500.
But if the Cryptocurrency cannot overcome the resistance level, the price may not experience such a sudden increase. Instead, the price could drop to $3,178.