TLDR
- Ethereum spot ETFs received $547 million in institutional inflows
- BitMine Immersion bought 234,800 ETH valued at $10.6 billion
- Current price at $4,111 with forecasts reaching $4,527 by October 5
- Technical resistance at $4,240 with support holding at $4,120
- $1 billion in short positions risk liquidation if price hits $4,480
Ethereum is trading at $4,111.86 with 36.96 billion in daily volume. The world’s second-largest cryptocurrency faces critical resistance levels while institutional money flows in.
Spot Ether ETFs attracted $547 million in recent inflows. This capital shows institutional confidence in the asset’s long-term potential. The money has provided price support during market volatility.
ETF reserves now hold 6.62 million ETH, representing 5.47% of total supply. Staking entities control another 5.49 million coins with 68 participants. Combined, these institutional holders manage over 12 million ETH.
Reserve holdings climbed steadily from April through September. The trend shows growing acceptance of Ethereum among traditional finance players.
Corporate Treasury Accumulation
BitMine Immersion Technology purchased 234,800 ETH worth over $10.6 billion. The company treats Ethereum as a treasury reserve asset. This strategy mirrors how some corporations hold Bitcoin on their balance sheets.
Other firms are adjusting positions too. Some entities reduced holdings while others increased exposure. The net effect shows corporate accumulation continuing.
Businesses see Ethereum’s expanding ecosystem as valuable. The cryptocurrency offers diversification beyond conventional treasury assets.
Price Action and Key Levels
ETH started a recovery above $4,175 this week. The price tested $4,240 before pulling back to $4,093. Now the cryptocurrency consolidates above $4,120.
A bullish trend line provides support at $4,120 on hourly charts. The price trades above its 100-hour simple moving average. This technical setup favors potential upside.
Immediate resistance appears at $4,200 and $4,240. Breaking above $4,240 opens the door to $4,280. Further gains could push toward $4,320, $4,450, or even $4,500.
Technical indicators send mixed signals. The RSI sits at 39.46 in oversold territory. Momentum reads -32.00, showing weakness. Fisher indicators are negative.
However, the hourly MACD gains momentum in bullish territory. The hourly RSI crossed above 50. These conflicting readings create uncertainty about near-term direction.
Price Forecasts and Risk Factors
Predictions suggest growth through early October. Analysts forecast $4,152.90 on October 2. The price may reach $4,237.56 by October 3.
October 4 targets sit at $4,409.18. The highest projection shows $4,527.07 on October 5. This represents a potential 9.96% gain from current prices.
Downside risks exist if bulls fail at $4,200. Support at $4,120 becomes critical. Breaking below opens $4,095 as the next level.
Further decline could test $4,020 and $3,920. The major support zone sits at $3,840.
Nearly $1 billion in short positions face liquidation danger. If the price reaches $4,480, these positions get wiped out. The forced closing could trigger a rapid price spike.
Trading volume remains strong at 36.96 billion. The institutional inflows provide a foundation for potential upside. Corporate buying adds another bullish factor.
The cryptocurrency holds above key support at $4,100. Bulls need to clear $4,240 to extend gains. Bears watch for breaks below $4,120 to regain control.
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