ETH Price Gains Momentum as Institutional Demand Builds

Ethereum's price has been hovering around $1,900 after a nearly 9% gain over the past month. However, analysts see hidden strength in the asset through technical breakouts and institutional demand.

According to Crypto Patel, Ethereum is showing one of its strongest high-timeframe bullish structures. The altcoin has reclaimed its long-term descending trendline and is consolidating above it. As long as daily closes remain above $1,510, the structure remains valid.

The technical analysis suggests upside targets of $2,400, $3,000, $3,600, $4,200, and $5,000, with the final target potentially pushing ETH toward a new all-time high. Breakouts typically follow periods of accumulation, according to Patel.

Ali Martinez pointed out that Ethereum broke above the MVRV level near $1,800, indicating a move toward $3,000 could be on the cards. A similar golden cross signal in the past was followed by a major rally.

Michaël van de Poppe also sees more upside for Ethereum, with a breakout appearing to be a matter of time. ETH potentially moving toward the $2,300-$2,500 range is a possible outcome.