The price outlook for Ethereum (ETH) has long been a focus of investors. In this context, the Cryptocurrency has risen above the $4,000 mark and, at one point, dropped below $3,200.
However, in the past 24 hours, the price of Ethereum has increased by 10%, with large transactions surging to unprecedented levels in nearly a week.
Ethereum Sees Significant Interest From Institutions
The 10% increase in Ethereum has pushed this altcoin to the level of $3,422. On-chain data reveals that the growing interest from institutions is a key factor influencing the price outlook of Ethereum.
IntoTheBlock reports that large Ethereum transactions have increased to 2.83 million ETH. This increase indicates increasingly active trading activity between "whales" and major shareholders.
Conversely, a decline in this metric suggests waning interest. At the time of writing, these transactions are worth around $11 Billion. History shows that when this index rises in line with the price, it is a positive signal. Therefore, the ETH price may break above $4,500 in the short term.
The Concentration Sentiment Index may indicate that the price of Ethereum will continue to rise. This index measures the overall market perception of a Cryptocurrency, with a positive result reflecting optimistic sentiment and a negative result indicating negative sentiment.
Data from Santiment shows that the Concentration Sentiment of Ethereum is approaching the positive zone. If it maintains in this area, the value of ETH may continue to increase.
ETH Price Forecast: The Potential to Break Above $4,000 Remains
According to the 3-day ETH/USD chart, the Accumulation/Distribution (A/D) line continues to rise. The upward movement of the A/D line indicates that investors are buying, which could push the price higher. When this index declines, it is a sign that investors are distributing, which is a negative signal.
In the current situation of ETH, this implies that the Cryptocurrency price may break through the resistance level of $3,982. If confirmed, the price could reach $4,110. However, if the overall market conditions become extremely optimistic, the Ethereum price could soar above $4,500.
But if the Cryptocurrency fails to break through the resistance level, the price may not experience such a sudden surge. Instead, the price could drop to $3,178.
