Ethereum price prediction: Wall Street institutional funds flow in, ETH bullish to $3200

Ethereum (ETH) is attracting significant interest from Wall Street firms, which are configuring their Crypto Assets portfolios with ETH while reducing their holdings of Bitcoin (BTC). This emergence of institutional interest coincides with ETH price charts forming a bullish symmetrical triangle technical pattern, suggesting that the price may soon experience a 20% rise, targeting $3200. Gate market data shows that as of July 9, ETH was trading at $2,593.08, rising 2.18% within 24 hours.

Why did institutions abandon BTC to invest in ETH? ETH holds the $2500 support level.

In the past six days, the Ethereum price has successfully defended the key support level of $2500. The bulls have managed to hold this important technical support level, indicating that there is less selling pressure in the market, which may largely be due to the surge in institutional demand for ETH.

According to CoinGape, Bit Digital, a Nasdaq-listed company previously focused on Bitcoin, has sold 280 BTC and used the proceeds to purchase Ethereum, marking a strategic shift towards ETH. After a large-scale buy-in, Bit Digital currently holds 100,603 ETH, becoming one of the largest institutional holders of ETH.

Bit Digital is not an isolated case. CoinShares' latest weekly report reveals that institutions are very interested in this leading altcoin (Altcoin), which strongly supports the price movement of Ethereum. The report shows that over the past 11 weeks, the weekly inflow of funds into Ethereum-related products has averaged 1.6% of assets under management (AUM), higher than the 0.8% for Bitcoin products.

At the same time, the enterprise Ethereum reserves are also growing at an accelerated pace. Led by Sharplink Gaming, its ETH reserves have increased to 205,634 coins, making it one of the largest institutional holders of ETH after significant recent purchases.

Symmetrical triangle technical pattern issues a bullish signal: Ether could pump 20% to $3200

The Ethereum price chart shows a classic symmetrical triangle pattern, which typically indicates a strong breakout is imminent after a prolonged consolidation. The four-hour chart shows that the ETH price is nearing the end of this narrowing pattern. If ETH can effectively break through the resistance level of $2604, it could trigger a significant pump.

Once the ETH price can close strongly above this resistance line, the upward trend will be confirmed. According to this pattern calculation, the most direct upward target is $3200, which means a potential rise of about 24%.

Technical indicators also support this bullish ETH price prediction based on a symmetrical triangle:

• MACD Indicator: The MACD line has crossed above the signal line, forming a golden cross and issuing a buy signal.

• RSI Indicator: The current reading is 59, indicating a bullish advantage, supporting the expectation that Ethereum prices are about to rise strongly.

  

Conclusion: Institutional demand resonates with bullish patterns, and ETH is expected to break through $3000.

With the strong inflow of institutional funds into ETH and the bullish technical structure analysis, the Ethereum price is not only expected to achieve the rise predicted by the symmetrical triangle but may also break through the psychological barrier of 3000 USD long sought after by bulls. If market interest in ETH continues to significantly exceed that of Bitcoin, Ethereum's performance is likely to outperform Bitcoin in the future (BTC).