- Ethereum price has recorded a sustained bull run in the past month.
- BlackRock leads in aggressive accumulation of ETH, resulting in a deflationary digital asset.
- Sui (SUI) and Cardano (ADA) are top altcoins to monitor for an Altseason indicator.
Ethereum (ETH) price has entered a key resistance range between $4,100 and $3,900, which has resulted in multi-week choppy markets since March 2024. The large-cap top-tier altcoin, with a market valuation of $469 billion, has set a new local high each week for the past five weeks.
This has turned more crypto users bullish on the midterm perspective. The altcoin season index from Coinglass has also signaled an opportunity ahead for the wider market, a sentiment fueled by robust on-chain data.
ETH/USD Analysis By Dan Gambardello
According to crypto analyst Dan Gamberdello, the ETH price has led the wider altcoin market in recording a macro higher high and higher low. According to Dan, a potential mid-term pullback cannot be fully ruled out amid the macro bull market.
As for ETH/USDT pairs, Dan stated the altcoin could retest the established macro rising logarithmic trend support before soaring to its all-time high (ATH). Notably, ETH price reached its ATH at $4,878 three years ago, and has since been trapped in a choppy consolidation to date.
In his long-term perspective, he believes the ETH chart is well-positioned to rally parabolically beyond $10,000, setting a potential high target of around $16,900.
Related: Crypto Market Heats Up: Ethereum, Cardano, and SUI Signal Mixed Short-Term Outlook
This macro bullish view is also supported by the weekly Relative Strength Index (RSI), which surged above the 70 level for the first time since March, and a bullish weekly MACD indicator.
Additionally, the weekly MACD indicator has seen the histograms slither to new highs amid the event of the MACD and Signal lines crossing above the Zero line. The midterm bullish outlook will be invalidated if Ether price consistently closes below the hypotenuse of the macro ascending triangle pattern.
Record-breaking Institutional Inflows Support ETH Bull Case
According to on-chain data analysis from SoSoVaLue, the United States spot Ethereum exchange-traded funds (ETFs) are about to record the highest monthly total net inflow. Furthermore, the U.S. spot ETH ETFs have already registered a total net inflow of $5.12 billion from the beginning of this month.
BlackRock’s ETHA has led the cohorts with a monthly net inflow of $3.83 billion, thus achieving $10.69 billion in net assets. According to onChain data analysis from Lookonchain, Sharplink Gaming Ltd. (NASDAQ: SBET), which recently attracted new top leadership from BlackRock’s digital assets unit, bought another 77,210 ETH, worth $295 million, thus currently holding 438,017 ETH.
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