Ethereum has been in a slump since March 13th, 2021. The price of the second-largest cryptocurrency in the world took a dip of 20% and reached a low of $1,540 during the last few weeks. The reason behind this dip has been linked to the presence of ADA catching up to ETH rapidly. However, ETH has managed to secure its position in the crypto rankings without fail. But the month-long stagnation period is still going on.
Meanwhile, the investors that had been sidelined before are allowed to start buying in. In the span of the last 24 hours, its price has risen to a whopping 9%. This rise is marked by a bullish impulse that could not only help Ethereum break out of the bullish period but also take it all the way to a new all-time high of $2,560.
The Ethereum Killers have been Left Behind, and the Market for ETH is Getting Back on Track
The new Ethereum upgrades are expected to come into effect on any day. It should be noted that the ranking for ETH does not only take the momentum from its blockchain Ethereum but from the fact that many other cryptocurrencies use this ecosystem as a digital stratosphere.
The third-generation contenders like DOT and ADA have been left far behind the second-generation blockchain ETH as the new upgrades keep coming to light. There have been some speculations in the markets about a possible ranking demotion for ETH. However, the influx of buy orders has allowed Ethereum to prime for a 35% upsurge.
Are Institutional Investors Sticking with Ethereum?
The latest Market Value to Realized Value (MVRV) index shows a favor of bullish trend for ETH. This indicator also accounts for several installments worth millions of dollars to the Ethereum network. These massive injections are, in fact, whale activity indication. Many institutional investors might have been taking an interest in the ETH stream.
It seems like around six new whales are betting their stakes in ETH with a holding range of around 10k to 100k. This activity has circulated massive money boosters between $16 million to $160 million in ETH. The nitro-accelerators would throttle ETH in the direction of gaining its new ATH momentum. However, analysts share the view that ETH is more likely to enter a support phase first within a $1,925-$1,980 price pocket.