Ethereum Breaks $4,400 as Institutional Demand Surges
Ethereum has broken through the $4,400 barrier, with immediate support at this level and stronger support around $4,350-$4,360. The cryptocurrency is in overbought territory, as indicated by its Relative Strength Index (RSI) near 72, which may lead to short-term pauses. However, strong breakouts could keep Ethereum trending upward.
Ethereum's recent rally has been driven by institutional investors and large holders, known as 'whales,' who have accumulated significant amounts of the cryptocurrency. This, coupled with growing demand for Ethereum ETFs and positive technical patterns like a Bull Flag, has created strong upward momentum for Ethereum's price. As October begins, Ethereum is holding steady above $4,400, which is above the 30-day moving average and a psychological milestone. The next resistance zone for Ethereum sits between $4,450 and $4,505, with a potential target of $4,650 if it sustains above $4,505. Despite possible short-term pullbacks, Ethereum could extend its bullish run in October if support holds.
Ethereum's key support levels around $4,400-$4,360 are crucial for maintaining the current breakout. Traders are watching the next critical resistance level near $4,505 as October begins. With strong momentum and growing institutional support, Ethereum remains bullish in the near term. Its recent rally is driven by ETF optimism, institutional inflows, and whale activity, supporting its continued upward momentum.
