- Ethereum trades at $4,800; a break above $5,000 could drive prices to $6,500.
- BlackRock’s ETHA ETF leads inflows with $18.6B, nearing the $20B milestone.
- Murrey Math Lines show key support at $4,000 and resistance levels above $5,000.
As of October 7, Ethereum was trading at around $4,800, which could be an indication that the coins will soon experience a significant rise. The Murrey Math Lines indicator indicates a potential rally to over $6500 in case the token breaks the resistance at the level of 5,000.
The weekly chart indicates that ETH has hesitated around this resistance, but a number of technical patterns indicate that it may go up. It has also created a hammer candlestick pattern, which is usually indicative of a bullish reversal following a downward trend. Ether has also fulfilled a break-and-retest trend as it surpassed the mark of $4,070 which served as a major resistance in March, May, and December last year.
The token is still trading above its 50-week and 100-week Exponential Moving Averages (EMA), indicating that there is always a buying force. In the meantime, the Relative Strength Index (RSI) is characterized by a positive technical trend.
Murrey Math Lines Target $6,500 if Resistance Breaks
Murrey Math Lines is a charting software that is employed to determine important support and resistance levels, and it has provided the immediate barrier of $5,000. Clearing the resistance barrier above this point would be the gateway to the next one at $6,250 and then the psychological barrier of $6,500.
This estimated relocation would be an increase of close to 40% as compared to the present levels. But any fall to the support area of at least below $4,000 would question this optimistic projection, and hint at possible downward pressure on ETH in 2025.
Institutional Demand Fuels Market Optimism
Institutional investment continues to play a significant role in Ethereum’s recent price strength. Spot Ethereum exchange-traded funds (ETFs) have attracted cumulative inflows of more than $14.6 billion since their approval in July last year.
BlackRock’s ETHA ETF leads the sector, with assets under management rising to $18.6 billion and approaching the $20 billion milestone. The ETF now accounts for the majority of the $32 billion held across all Ethereum ETFs. Other major issuers include Grayscale, Fidelity, and Bitwise.
BlackRock also dominates the Bitcoin ETF market, where its fund has amassed nearly $100 billion in assets, making it one of the company’s top-performing offerings. The rising institutional participation underscores growing investor confidence in the broader digital asset sector.
