Ethereum (ETH), the second-biggest cryptocurrency globally, is currently priced at approximately $4,400, reflecting a minor 0.01% decline over the past day. Despite this small dip, ETH remains a focal point for institutional investors and continues to be a highly active asset in the crypto market.
Key Updates
Large-Scale Buying: Prominent investors, such as BitMine and major wallet holders, have acquired over $880 million in ETH, indicating strong long-term optimism.
Exchange Supply Hits Historic Low: Only 12% of ETH is held on centralized exchanges, the lowest level since 2016. This shrinking supply could push prices upward if demand persists.
Pending Unstaking: Over $3.8 billion in ETH is queued for unstaking on platforms like Lido and Coinbase, which could create temporary selling pressure but underscores the widespread adoption of ETH staking.
ETF Activity: Spot Ethereum ETFs saw $59 million in outflows following an 8-day streak of robust inflows, suggesting mixed short-term investor sentiment.
Market Projections
Support Range: $4,200 – $4,300
Resistance Range: $4,800 – $5,000
Analyst Prediction: Standard Chartered has increased its year-end ETH price target to $7,500, with a potential climb to $25,000 by 2028.
