Ethereum’s price surged over 6% in the last 24 hours, reaching USD $4,164.75, as large investors known as “whales” aggressively accumulated the cryptocurrency.
These significant holders added approximately 150,000 ETH, valued at an estimated USD $588 million, to their portfolios during the period. The substantial inflows signal growing confidence in the digital asset’s future trajectory.
Market analysts are increasingly projecting Ethereum to reach USD $10,000. This optimism is further fueled by more than USD $2.1 billion in stablecoin inflows onto the Ethereum network, indicating potential buying power.
The cryptocurrency’s market capitalization climbed to USD $502.67 billion. Daily trading volume also saw a significant boost, rising 96% compared to the previous day, reaching USD $28.81 billion.
This upward movement reflects a broader positive sentiment, with technical indicators reinforcing the bullish outlook. The Relative Strength Index (RSI) stands at 65, suggesting strong momentum without immediate overbought conditions.
The Moving Average Convergence Divergence (MACD) indicator has also crossed its signal line upwards, signaling accelerating positive momentum. Furthermore, open interest in Ethereum futures currently totals USD $15 billion, with a majority of positions indicating bullish expectations for prices between USD $6,000 and USD $7,000.
Positive funding rates in perpetual contracts, at 0.01%, also point to a dominance of long positions. Social media sentiment remains largely optimistic, with discussions highlighting a “bullish flag” pattern on price charts.
No adverse events, such as network hacks or new regulatory challenges, have been reported in the last 24 hours. The market anticipates potential institutional flows, partly driven by comparisons to Bitcoin’s recent Exchange Traded Fund (ETF) success.
Ethereum continues to dominate the decentralized finance (DeFi) sector, with over USD $100 billion in total value locked within its ecosystem. The network processes 1.2 million transactions daily, and active holders have grown 5% in the last 30 days to 500,000.
This robust on-chain activity underscores its foundational role in the wider cryptocurrency market. Ethereum represents approximately 18% of the total crypto market capitalization.
Despite its leading position, the market is attentive to macroeconomic factors. Potential rises in interest rates by central banks or a strengthening U.S. Dollar Index (DXY) could historically put pressure on cryptocurrency valuations.