Archived Article This article was published more than 5 months ago. The market data, prices, forecasts, and analysis were accurate at the time of publication but may have changed since then. Please use this article for historical reference only and refer to our latest content for current market information.
- In this Ethereum price prediction article, we asses, the coin's upside potential above $1,800 amid amid rising institutional interest.
Ether price continues to struggle to reclaimed the $1,800 support despite gaining 13.4% in the last week. The coin was up by 0.7% on the daily chart as of this writing, a small but significant step to keep alive hope of a return to $2k.
BlackRock $54 Million ETH Buy Adds to Upside Traction
Last week was a fruitful one for Ethereum, as its spot ETF performance spiked substantially. Notably, Friday’s trading session saw the nine Ethereum spot ETFs record over $100 million worth of net inflows for the first time in 56 days. At $104.1 million, Friday’s ETF net inflows was the highest in seven weeks. In addition, asset management giant BlackRock bought $54 million worth of ETH coins last week, their biggest purchase in two months.
These developments underscore the likelihood that Ethereum has restored a significant portion of institutional investor confidence that had been lost in the last two months. Also, Ethereum chain’s DeFi TVL rose by 1.5% in the last 24 hours, pointing to increased utility for ETH.
On the downside, however, Ethereum’s trading volume declined by 2.4% in the last 24 hours amid the price gains. In addition, ETH coin’s open interest value declined by 2.07% in the last 24 hours to $9.5 billion. These trends signal declining buying appetite, which will reduce the coin’s upside gains in the near-term.
ETH Open Interest performance. Source: Coinanalyze
Ethereum Price Prediction
As seen on the chart below, the momentum on Ethereum price favours the bulls to stay in control above $1,794. Primary resistance will likely be at $1,820. However, a stronger momentum will clear that barrier and test $1,844.
On the other hand, the sellers will take control if the price breaks below $1,794. In that case, the coin will likely find the first support at $1,765. The upside thesis will be invalid below that level. In addition, such momentum could result in an extended decline to find the second support level at $1,743.
