A significant shift in the market sentiments has been observed in the past few days, specifically with respect to Ethereum. Although the Bitcoin price is rising with some margin, the Ethereum price has been outperforming in terms of daily gains. Currently, the token has recorded more than a 12% jump compared 4% to 5% jump of Bitcoin. WIth this, the ETH price has reached one of the important resistance zones, breaking which, the token could become one of the top gainers for the month.
Besides, the institutional interest in Ethereum is on the rise. The recent data shows the institutions sold nearly 889 BTC but bought 5,410 ETH during the last trading day. Along with this, the ETH inflows into accumulation addresses have spiked to insane levels. This hints that the big players may be aware of more things, which has raised their interest despite the sideways trend of the ETH price.
As mentioned above, the ETH price has been in a slump for quite a long time, which dropped the interest among the retail traders. As a result, they sold off their holdings, which have now been accumulated by the institutions. Moreover, after the recent Pectra upgrade, the burn rates have been on the rise, which is a huge bullish signal for the crypto.
What’s next? How high will the ETH price go in May 2025?
The weekly chart of ETH price suggests the token is approaching the edge of the prolonged consolidation and hence a breakout from the accumulated zone is expected to kick-start a strong bull run. Two main indicators are set to undergo a bullish crossover shortly, which may confirm the start of a strong upswing: the Ichimoku Cloud and DMI. On the other hand, the token is consolidating between the 50- and 200-day MAs, which are acting as strong support and resistance levels. As the price in the weekly chart has never faced a death cross, the well-positioned price range between these MAs suggests the possibility of a rebound.
The Ethereum price is working hard to surpass the pivotal resistance at $2,800, which could transform into a strong base preventing any major correction. With this, the price is believed to rise and reach the trand reversal zone around $3000 that may further push the token beyond $3,500.
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