Ether Surges To A Six-Month High
Ethereum’s native cryptocurrency, Ether, has surged to a six-month high – a phenomenon driven by remarkable ETF inflows and the surge in network activity. As per historical indicators, the Relative Strength Index (RSI) giving a buy signal at 40 back in April, previous hints were tied to significant price rallies in Ether. This could suggest a potential price target somewhere between $7,000 to $10,000 by 2025.
Rise In Ether Prices
Ether witnessed a significant rally which boosted its price close to $3,500 on April April, a zenith it hasn’t witnessed since 7th January. This spectacular rise was triggered by ramped-up network activity and persistent upticks in spot Ethereum exchange-traded fund (ETF) inflows.
In the past seven days, Ether prices have jacked up more than 25%, and within the last 24 hours, it has raised additional 10% to touch a six-month high of $3,481. Ether prices are witnessing an upward trend driven primarily by surging institutional demand, resulting in spot ETH ETFs on Wednesday reaching a record inflow to a whopping $727 million.
Ethereum Holding Strong Over $3.400
The phenomenal breakthrough of Ethereum beyond $3,400 isn’t just a random spike instigated by retail bulls but is a sign of significant institutional adoption. As per analysts’ views, Thursday’s inflows are the highest since the launch of spot Ethereum ETFs back on July 23rd, 2024.
Spot Ether ETFs have reeled in over $1.76 billion in just the last five days, indicating that ETF issuers are currently holding 4% of the entire ETH supply.
Spurt in Ethereum’s Onchain Activity
Ethereum’s increasing strength in price is mirrored in its onchain activity as well. Over the last 30 days, the count of Ethereum’s active addresses has soared by 9.4% and further 2% in the last 24 hours, standing at 1.49 million. Further data revealed that there was heightened increase of about 6.7% over the past 24 hours to 463,880 in the active addresses per day basis.
Increasing Network Fees And Total Value Locked
The last week saw a remarkable 139% increase in Ethereum network’s weekly fees that reached $14 million. On the daily timeframe, the fees escalated over 475% since July 5, amounting to $3.11 million on Thursday.
The growing network fees not only underscore the increasing demand for ETH but emphasise the need for layer-2 solutions and Decentralized applications (DApps) which can further elevate Ethereum’s total value locked (TVL). As per recent reports, Ethereum’s TVL has surged to a three-year high at $78.2 billion from $57.2 billion on June 23rd, indicating an overall increase of over 36% in three weeks.
Predictions For Future Price Levels
Historical indicators suggest Ether’s price could scale anywhere between $7,000 and $10,000 by the time the RSI touches the upper band. Ether’s three-week chart unveils that the RSI signalled a buy signal as far back as April when it hit 40.
Other analysts are optimistic with Ether’s ability to reach $10,000 and even surpass it in the current year, attributing it to technical chart fractals, a bullish breakout anticipated in the ETH/BTC pair, and an upswing of institutional demand via ETFs and expanding Ethereum treasury companies.
To conclude, Ether’s upward trend trajectory and its impressive returns underscore its acceptance and utilization in mainstream finance. However, it is always wise to conduct meticulous research and tread with caution as trading and investing in cryptocurrency holds inherent risk.
