Key Reason Why Ethereum (ETH) Is to Continue Running Named by Top Analyst
Emily HarrisTop analyst has shared his take on Ethereum's future price trajectory[...]
Ethereum Analyst Predicts Price Surge, Ethereum Foundation Transfers Raise Eyebrows
Cryptocurrency trader and analyst Michael van de Poppe has shared his bullish outlook on Ethereum's future price trajectory. According to Poppe, Ethereum experienced a strong upward momentum in both April and May, with May seeing a retest of a crucial support level known as the order block (OB).
The analyst highlighted that this area of robust buying interest indicates potential for further price appreciation, possibly pushing Ethereum toward its previous highs. Poppe tweeted, "This means that we're about to test the highs and continue the run." At press time, Ethereum is trading at 0.02463 BTC or $2,601 per coin.
Ethereum Foundation's Mysterious Transfer Sparks Speculation
In related news, the Ethereum Foundation has drawn attention after transferring 1,000 ETH (worth approximately $2.6 million) to an undisclosed address. This move has fueled speculation that the Foundation might be offloading ETH, which could exert downward pressure on the price.
Institutional Demand for Ethereum ETFs Remains Strong
On a positive note, Ethereum exchange-traded funds (ETFs) recorded significant inflows on May 29, totaling +30,183 ETH (valued at around $80.4 million). Leading the charge was BlackRock's iShares Ethereum Trust, which absorbed 19,977 ETH. Fidelity Ethereum Fund and VanEck Ethereum Fund also reported positive inflows.
Over the past week, BlackRock has accumulated 52,668 ETH, while Fidelity has secured 26,973 ETH, underscoring sustained institutional confidence in Ethereum.
