Key Points
- U.S. investors are showing a heightened interest in Ethereum (ETH), potentially driving its price upwards.
- Analysts anticipate ETH could exceed $10,000, influenced by a predicted rally.
Ethereum (ETH), the world’s leading altcoin, saw a near 10% increase in less than a week, trading at just under $3,900. This rise points to a revived interest in the cryptocurrency.
ETH Gains Popularity among U.S. Investors
There’s been a surge in interest from U.S. investors, leading to predictions of a significant upward trend for ETH. The Coinbase Premium Index on CryptoQuant, which measures the price difference between ETH on Coinbase and other global platforms like Binance, reveals a heightened demand for ETH among U.S. investors compared to international markets.
This surge can be interpreted as growing interest in the asset, possibly leading to further upward momentum for ETH.
Potential Upswing for ETH
Analyst Venture Founder suggests that ETH might be on the verge of breaking out from a three-year consolidation triangle pattern, typically signaling the start of a rally. Once this breakout occurs, driven by considerable buying momentum from U.S. investors and other market participants, ETH could see its price run up, with potential targets ranging between $11,000 and $15,000.
However, the asset’s ability to reach these levels hinges on whether ETH can replicate the “impulsive” price move it saw between 2016 and 2017. If this pattern holds, ETH could continue its upward trajectory towards the predicted price levels.
Recent data shows a steady decline in ETH Exchange Reserves, signaling a reduction in the circulating supply of ETH on exchanges. This, combined with rising demand, often leads to upward price movement. Furthermore, Ethereum’s Total Value Locked (TVL) surged to $71.08 billion, a level last seen in 2022.
These trends collectively suggest a positive outlook for ETH, reflecting strong market confidence and the potential for sustained growth as demand increases.
