Will Ethereum Foundation Drive $ETH Toward the $10K Mark?

Ethereum Price Forecast: $10K if ETH Becomes a Reserve Asset

Institutional Interest in Ethereum Surges

Institutional interest in Ethereum ($ETH) continues to grow! Over the past 19 hours, five wallets—likely belonging to a single entity—deposited $29.2 million in Tether ($USDT) to HTX and withdrew 9,018 $ETH at an average price of $3,237.50 during a market dip.

Interestingly, these wallets initially withdrew the $USDT from HTX back on November 20, 2024, holding the funds for two months before executing this move. Speculation is swirling—could this be Justin Sun? His recent efforts to reform the Ethereum Foundation and push $ETH toward a $10,000 price target are certainly aligning with bold actions like this!

Significant On-Chain Ethereum Activity

Santiment's on-chain data reveals that over 170,000 Ethereum ($ETH), worth more than $544 million, have been moved to cryptocurrency exchanges in the last 72 hours. 

Ethereum’s Bullish February History

Over the past nine years, Ethereum has formed nine February candles, with eight being green (indicating positive returns) and only one red (indicating negative returns). This showcases February as historically a bullish month for Ethereum, reflecting consistent upward momentum during this period.

Ethereum Price Prediction: What's Next for $ETH?

On the daily chart, Ethereum price is struggling to breach the $3400 major resistance as well as the descending trendline. After a period of consolidation within a range, ETH broke through resistance around $3,300 and briefly tested the $3,400 level.

The breakout above the trendline is often seen as a bullish indicator, suggesting the price could continue upward. However, If the altcoin sustains its momentum and holds above the $3,400 level, it could aim for higher resistance levels around $3,500 or even $3,600.