based on materials from the site - By BH NEWS
The price of Ethereum has significantly increased from the side of altcoin enthusiasts on Wall Street. After the launch of spot ETFs on Ethereum in the USA, initiated by BlackRock, the weekly inflow of funds reached an unprecedented $908 million, totaling $2.7 billion over four months. During this time, BitMine, a public company, increased its assets in Ethereum to over $500 million through a private investment round, acquiring 163,142 ETH. This growing institutional interest is helping Ethereum surpass the $3,000 mark, with a target of $4,000.
A steady inflow of funds into spot ETFs on Ethereum has propelled BlackRock’s ETH fund to a leading position, while competitors like Fidelity and Franklin are increasing their assets. This trend indicates a noticeable shift in long-term investors’ attention towards Ethereum. Experts emphasize the deflationary nature of its supply and advancements in layer two technologies, making Ethereum a key asset for institutional portfolios.
BitMine's decision to expand its ETH reserves after a $250 million private investment also highlights the interest of institutional investors. CEO Jonathan Bates noted:
"Wall Street has clearly become the 'ETH reserve company'."
The presence of over 163,000 ETH in long-term wallets reduces selling pressure and supports its upward trend.
What do technical indicators say about Ethereum?
The technical landscape looks favorable for Ethereum. Analyst IncomeSharks notes that the weekly MACD line is crossing the zero line, and rising green histograms indicate a bullish trend. The nearest target is $3,400, and the analyst also points out that demand for ETFs stimulates spot liquidity, contributing to the breakout of resistance levels towards $4,000.
The psychological support for ETH at the $3,000 level looks strong, aligning with expectations for medium-term price targets. Notably, blockchain data shows that the inflow of institutional investments exceeds the volume of ETH withdrawn from exchanges, increasing confidence in reaching the $4,000 level.
Key takeaways about the current trajectory of Ethereum include:
Record weekly ETF inflow of $908 million;
Significant BitMine assets in ETH amounting to $500 million;
Technical indicators pointing to potential growth
This growing institutional support serves as a strong argument for maintaining a bullish sentiment for Ethereum. As investments flow in and technical signals align, Ethereum strengthens its dominant position in the digital currency space. Close monitoring of market dynamics and continued institutional interest may lead to Ethereum reaching new heights.
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