Ethereum surges! Breaks through $2850, targeting $4200, institutional buying ignites market frenzy🔥
Ethereum strongly surpassed $2850, currently priced near $2750, with on-chain whale wallets aggressively accumulating, holding volume reaching an all-time high, and market sentiment is booming, aiming directly at $4200! The futures market adds fuel with open interest skyrocketing to 15.21 million ETH, setting a new record, while CME and 2x leveraged ETH ETF (ETHU) become the main force for institutions to leverage, with positions increasing by 300,000 ETH since April, demonstrating strong buying intent.
The US Ethereum ETF has seen net inflows for 17 consecutive days, with a single-day peak of $125 million, accumulating over 400,000 ETH in 7 days, showcasing overwhelming long-term confidence from institutions! The technical indicators are bright, breaking through the key upward trend line, with 2.1 million ETH cost price zone turning profitable, significantly reducing selling pressure. The next major hurdle at $3400 is in sight, and maintaining support at $2700 could aim for a peak of $3417. The 200-day moving average and MACD show bullish signals, while the RSI has reached the overbought zone, indicating strong demand.
The options market is active, ranking second in trading volume, and rising prices may trigger a new round of profit settlements, driving the market up. Within 24 hours, $110 million in Manhattan trades, with a mix of long and short positions, quickly forming an upward momentum.
Looking ahead, institutions are heavily adopting, and ETF funds are flowing continuously, combined with strong technical indicators, Ethereum has ample upward momentum, but caution is still needed regarding resistance at $3400 and macroeconomic risks. Seize the opportunity and welcome a new round of Ethereum explosion!🚀
