#ETHRally Ethereum is currently rallying, with its price nearing $4,700 and a 4.99% increase in the last 24 hours. The cryptocurrency's market capitalization stands at approximately $515.64 billion. Several factors are driving this rally ¹:

- *Institutional Demand*: Heavy inflows into Ethereum ETFs, with recent inflows totaling over $500 million, including $318.7 million worth of ETH bought by BlackRock's spot ETH ETF.

- *Bullish Sentiment*: 75% of Polymarket users believe ETH is on track to hit a new all-time high, which is just 5% away from its current price.

- *Technical Indicators*: Ethereum's weekly chart has surged above the Gaussian channel, and the RSI has entered the overbought zone, signaling potential for a strong bull run.

Some predictions suggest Ethereum could reach $6,000 soon, driven by increased institutional interest and reduced circulating supply. Key institutions accumulating ETH include ² ¹ ²:

- *Bitmine Immersion Tech*: Holds 1,200,000 ETH worth $5.54 billion

- *Sharplink Gaming*: Holds 345,000 ETH worth $1.59 billion

- *Fundstrat*: Holds 317,000 ETH worth $1.46 billion

Resistance levels to watch are $3,500-$3,600 and $4,000, with potential targets of $4,868 and $6,000. Conversely, support levels around $4,488 and $4,640 could influence the price action ³ ⁴.