Ethereum Price Prediction: Bybit Says Institutions Hold More ETH Than BTC As Traders Flock To This Presale With A 100X Track Record

The Ethereum price jumped 7% in the last 24 hours to trade at $3,258 as of 5 a.m. EST on trading volume that skyrocketed 53% to $21.88 billion.

The ETH price has surged more than 12% in a week, seeing almost uninterrupted growth since it started to climb from a support at $2,900 on February 24.

One of the potential reasons behind the coin’s strong performance could be the fact that institutions have started favoring ETH over Bitcoin.

Bybit Research said in a recent report that a significant shift in sentiment since December is seeing institutions favor ETH over BTC. The report says that in January institutional investors allocated 39.82% of their holdings to ETH, while 39.49% was allocated to Bitcoin.

While it is a small difference in terms of percentages, it marks an historical shift away from BTC and towards the second biggest crypto by market cap, ETH. The upcoming Dencun upgrade was cited as one key reason behind the change.

Ethereum Price Prognosis

Ethereum’s price has seen a strong increase over the last several days, and for the time being, it appears that it has not yet reached its peak. The price continues to grow, although there are some technical indicators that ETH might soon see a shift, causing a minor correction.

For example, the coin’s Bollinger bands have started to see a slight narrowing, which is generally perceived as a bearish sign. It is still very discrete at this time, but there are signs that they might continue to get closer together in hours to come.

At the same time, the coin’s Relative Strength Index (RSI) level sits at 67.57, putting it very close to the overbought zone, which is usually when traders move to take profit, meaning that they might sell their ETH soon.

However, it is also worth noting that RSI value has been high for over 24 hours now, but the bullish pressure is still quite strong, and it managed to remain consistent, with minor fluctuations.

This, in turn, suggests that ETH might continue to climb for a while longer, especially if institutional investors are accumulating a significant supply, as Bybit’s report suggests.

If this is the case, retail investors and traders might follow their lead, which would mean that Ethereum’s price increase is caused by fundamental factors which are maintaining a positive market sentiment, while technical indicators are, for the time being, ignored.

Even so, ETH has seen a rather sharp and consistent surge in the past several days, which is typically followed by a correction. The only real question is how high can it go before the correction starts.

The coin is currently the highest it has been since April 2022, and at the time, its price increase was stopped by a resistance at $3,450. While ETH currently sits at $3,258, which places it relatively close to this resistance, it is unlikely that ETH will manage to climb back to it without a strong new catalyst to enable the push.

Instead, right now, ETH is seemingly still struggling to stay above $3,250, which suggests that this resistance is still not fully broken. Meanwhile, technical indicators suggest that the bulls are losing strength, so a correction might take place in hours to come.

Promising Alternative to Ethereum

While the ETH price has surged significantly, it’s rare that a new project comes along that can boost of a 100x track record.

But one such example is Sponge V2 (SPONGE) — a new version of a token called Sponge that launched in 2023, only to see a massive 100x pump.

Now, the developers decided to make a second version of the project, after the original was discontinued, and make this new V2 even bigger and better than the first one.

The project has abridged V1 tokens to V2, allowing the users to stake them and start receiving rewards right away.

Meanwhile, those who missed their chance with V1 SPONGE can now purchase V2 directly with ETH and USDT, and also stake them.

📣 Attention, #SPONGERS!

Here is some important information to remember about $SPONGE V2!$SPONGE V1 has officially been discontinued, and V2 has been launched on #Polygon! 🔥

Learn more about the token details below 👇https://t.co/TCdxgXx40w

🧵1/3 pic.twitter.com/YZzXOlKmHY

— $SPONGE (@spongeoneth) February 6, 2024

So far, the project has recorded $11.7 million in SPONGE tokens staked and bridged, and that figure only continues to increase with each new day.

Visit SPONGE presale here.

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