The market has recently seen a significant price surge, reaching $1,740, following the Securities and Exchange Commission’s (SEC) approval of Ethereum Futures Exchange-Traded Funds (ETFs). Despite a minor pullback on Tuesday, the bullish trend was not deterred, underpinned by a key on-chain metric driven by US institutional investors.
The bullish sentiment continues even in the face of a $1,750 resistance. The newly approved Ethereum Futures ETFs are now active on several platforms, prompting US-based cryptocurrency heavyweights to increase their buying pressure.
CryptoQuant’s Coinbase (NASDAQ:) Premium Index indicates a positive trend among US investors. The index identifies Coinbase Pro as a preferred platform for affluent traders and institutions. This data supports an optimistic Ethereum price forecast.
Further data from the Global Index of Open Market (GIOM) also supports this positive outlook for Ethereum. Binance, recognized as a leading retail trading market, projects a price target of $1,800 based on 4.13 million wallet addresses.
The context also highlights early profits made from 14.82 million Ether coins and potential sell-walls that could lead to a price drop below $1,500. Nonetheless, the current market conditions and positive investor sentiment signal an optimistic future for Ethereum despite potential volatility.
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