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The king of altcoins, Ethereum (ETH) 
$1,994, is experiencing increased investor interest as it fights to surpass the $2,000 mark. Recent data indicates a shift in market expectations towards positivity, particularly as Ethereum prices rise during a period of significant outflows from Ethereum-based ETFs in the United States.
ETF Activity Boosts Price Expectations
In the last 24 hours, Ethereum saw a rise of approximately 2%, briefly surpassing the $2,000 threshold. After recovering from a low of $1,937, the altcoin peaked at $2,005, revealing a trend where investor expectations remain supportive of a price increase, despite the ongoing outflows from ETFs.
Moreover, the daily outflows from ETFs dropping below $20 million have sparked positive speculation regarding Ethereum’s future.
During this period, on-chain data and large investors’ buying activities have created a positive atmosphere. Renowned crypto analyst Merlijn The Trader reported that whale-level investors purchased $236 million worth of ETH in the last 72 hours, highlighting a significant buying trend.
According to market observations, the buying pressure may strengthen Ethereum’s price, particularly due to historical lows of ETH reserves on exchanges indicating rising demand.
Market analyst Patron noted that Ethereum has maintained a critical support level around $1,978, and maintaining this level could potentially double the price. He stated, “If the critical support holds, the price could reach a 100% increase, with targets set at $2,296, $2,913, and $4,000.”
While investors remain cautious due to current macroeconomic conditions and changes in institutional interest, the increasing demand and buying pressure are expected to support and elevate ETH prices in the future.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
