Even Ethereum, the second-largest cryptocurrency by market capitalization, is pointing towards an exciting new growth phase. This second phase would likely be characterized by a greater utility, more embedded institutional participation and a reduced liquid float. Recent data shows robust on-chain activity coupled with increasing institutional interest, making a case for a bullish rally for the crypto.
Ethereum’s price has been rangebound between $2,400 and $2,600 over the past weeks. Market analysts agree that a clear breakout above this market battleground range would send the S&P rocketing upwards.
Spot Ethereum ETFs (Exchange Traded Funds) have experienced a tsunami of net inflows, including $1.17 billion just in the month of June. This indicates growing institutional appetite for Ethereum.
Additionally, Ethereum’s stablecoin transfer volume has broken records for 21 months straight, coming close to volumes on Visa’s payment network. This metric is significant because it highlights the growing usefulness of the Ethereum network when it comes to moving money around.
According to industry reports, fund managers are making plans to achieve more exposure to Ethereum in H2 2024. Such expectations of even larger allocations later this calendar year bodes well long-term for Ethereum’s emerging role in the financial landscape.
According to Eric Conner, a former core developer of Ethereum, compelling indicators point towards a potential surge in Ethereum's value. This combination of growing utility and deepening institutional involvement can potentially be a powerful bullish environment for Ethereum.
Sideways movement in Ethereum’s price is usually a preparation for an explosive high volatility break. Ethereum’s next price move will be fast and furious given today’s supply-demand imbalances.
Ethereum´s on-chain and market activity, combined with technical indicators and price targets point toward a growing bullish rally.
