Key Insights:
- An analyst shared an Ethereum price prediction to $10,000, sparking market optimism.
- Arthur Hayes bags $500k in Ethereum amid the broader crypto market rally.
- Ethereum whales have bagged 800,000 ETH last week.
The investors are keeping close track of the latest Ethereum price prediction, as ETH price has continued to stay above the $4,500 mark. The surge comes amid renewed investors’ bets, soaring institutional interest, and a broader crypto market rally.
In addition, Grayscale has recently launched the Ethereum Trust ETF (ETHE) and the Ethereum Mini Trust ETF (ETH), the first US Spot Crypto ETPs to enable staking. This has further fueled investors’ hope, while showcasing the investment management firm’s confidence in the asset.
Amid this, a renowned analyst has shared a likely timeline for the crypto to hit a new all-time high. For context, despite the recent rally, Ethereum price still traded at a discount from its all-time high of $4,953 recorded on August 25.
In addition, a flurry of analysts also shared bullish ETH price predictions, with targets as high as $10,000.
However, some investors might continue booking profits, as evidenced by the latest on-chain data, which might cause a short-term pressure on the asset.
Ethereum Price Prediction: Analyst Says New High Incoming
Ethereum price led the altcoins rally today, adding more than 1% in the daily chart to reach near $4,600. Despite the surging value, the one-day volume fell about 24% to $32.87 billion.
It’s worth noting that ETH price has returned more than 12% in the weekly chart, while its monthly gains were recorded at 7%. The crypto has hovered between $4,594 and $4,480 in the last 24 hours.
Simultaneously, the on-chain data also backs the bullish sentiment hovering in the market now. According to CoinGlass data, Ether Futures Open Interest was up around 1.2% and soared to $62 billion.
Meanwhile, amid the ongoing surge, analyst Michael van de Poppe has compared the ongoing Ethereum price performance against Bitcoin. According to him, ETH is gearing up for a massive move as BTC price touched a new all-time high recently.
In addition, according to his Ethereum price prediction, the second-largest crypto by market cap may touch a new all-time high in October or November this year. This bold forecast has caught the eyes of traders, especially as the broader crypto market continues to move north.
Ethereum ETF Inflow & Investors’ Bet Fuels Optimism
The optimism is further buoyed by the recent Ethereum ETF inflow and the renewed bets from the major players in the space.
Last week, the US Spot Ethereum ETF recorded an inflow of around $1.3 billion, indicating strong confidence among investors.
In addition, the latest crypto market fund flow data showed that Ethereum attracted $1.5 billion inflow last week, while its year-to-date (YTD) flow totaled $13.65 billion.
This also suggests that the market participants are now actively betting on the asset, which might help in a continuing rally in Ethereum price.
Meanwhile, recent on-chain data showed that BitMEX co-founder Arthur Hayes is once again betting on ETH price. According to Onchain Lens data, Hayes recently purchased 113.7 ETH, worth $520k, from Galaxy Digital OTC.
On the other hand, it also suggests that the renowned crypto expert might continue to accumulate more coins in the near future.
Simultaneously, analyst Ali Martinez said that Ethereum whales have bagged 800,000 ETH last week, bolstering market confidence.
What’s Next for Ethereum Price?
A flurry of analysts have shared bullish Ethereum price prediction, which has caught the eyes of traders. For context, expert Crypto Rover said that ETH price has a long way to go, setting the target at $9,950.
Giving a less ambitious target, analyst Mags has set the ETH price target at $7,331. However, he has highlighted the $4,526 as a major support that the crypto must hold to keep the prediction validated.
Usually, Ethereum price tends to offer positive returns in October and through the fourth quarter of the year. Having said that, analyst Captain Faibik noted that the crypto could soar to as high as $6,666 amid the “Uptober” optimism.
However, investors might book profits amid the ongoing rally, as seen in the market developments. Recently, Lookonchain reported that an Ethereum OG has sold 1,800 ETH, worth $8.12 million, to make a profit today.
Considering that, market participants should tread cautiously and brace for short-term pullbacks. While the institutional interest and retail bets continue to back the bullish Ethereum price predictions, there could be selloffs that might delay ETH price’s journey to a new high.