Ethereum is painting a robust bullish picture, sparking optimism in the altcoin space. At $4,180, $ETH is still off its 2021 ATH by just 14%.
There are a number of reasons that this upbeat mood is being fueled. A recent breakout above a five-year resistance level and increasing institutional interest in the Ethereum blockchain are major factors.
A move over the weekend allowed $ETH to break above the key resistance level of $4,100, reaching a high of around $4,300 and hitting these new highs. Innovative and historic as it has been, this breakout continues to grab early observer attention and investor enthusiasm.
Tom Lee of Bitwain, predicting a bullish run to $7,000 this year. Bitmine just recently launched and has already raised an impressive $3 billion in ETH in just 27 days. Their intention is to buy up 5% of the entire Ether supply.
"Ethereum is arguably the biggest macro trade over the next 10-15 years as Wall Street increasingly adopts blockchain technology and AI accelerates the adoption of tokenomics – the largest layer 1 is Ethereum." - Tom Lee
Analyst Cas Abbe predicted the market would retest the $4,100 level. Specifically, he expects that when institutional buying is renewed, this will push up $ETH to new all time highs.
"A red candle won’t change anything, so I’m expecting a retest of the breakout level. After that, institutional buying will resume and push $ETH to a new all-time high by the end of August." - Cas Abbe
Abbe thinks $ETH might hit new all-time highs this August. Indeed, several Ethereum price predictions aim for all-time highs in August and even larger increases in the coming months.
Ethereum’s ETF (exchange-traded fund) flows are approaching $10 billion, reflecting significant institutional demand. Asset tokenization, layer 2 solutions and stablecoins are three important fields luring institutions and banks to the Ethereum blockchain.
Well-known crypto analyst Cas Abbe believes Ethereum is poised to make the biggest gains.
