As of October 28, 2024, Ethereum’s journey this year has seen key developments and mixed market reactions. Institutional interest in Ethereum has been somewhat tempered due to weak inflows to newly launched spot ETH ETFs. However, long-term holders have continued to show confidence, with accumulation wallets increasing by 65% since January, now holding over 19 million ETH. This surge suggests an optimistic outlook among some investors, viewing Ethereum as a long-term asset beyond mere speculative interest.
Currently, Ethereum is trading near the $2,600-$2,700 range, facing resistance around $3,000. Investors are watching for catalysts that could support a breakthrough above this level. Institutional inflows, improvements in Ethereum’s technical infrastructure, and favorable economic signals, such as potential U.S. Federal Reserve rate cuts, could help sustain upward momentum. However, there’s a risk of short-term selling pressure, as indicated by Ethereum’s high MVRV ratio, which suggests that some holders may take profits soon if price momentum doesn’t improve.
