At one point yesterday, Ethereum price was just a few dollars away from its all-time high of $4,380, but it couldn’t quite get there. The asset could finally breach the barrier and possibly set multiple ATHs if the Securities and Exchange Commission approves the first Ether ETF.
ETH just won a significant institutional investor
Ether has bagged a major investment, following the move by the Houston Firefighters Relief and Retirement plan to buy a combined $25 million worth of ETH and BTC. It was the first time money from a public pension plan has been allocated in this way in the United States. The overall investment, according to Bloomberg, was $25 million but the union didn’t reveal how much went into each crypto.
Ether’s steadily declining liquid supply, might help drive the asset higher. Data from Glassnode shows that Ether exchange balances are at a two-year low.
Technical analysis for Ethereum price
Ethereum Price has been on an ascending trajectory since the beginning of the month, as shown on the ascending channel. The RSI has risen steadily over that period and is currently at 67. This signals a strong bullish momentum which is likely to push ETH price higher. If the buyers sustain the momentum, the ETH/USD pair could break outside the channel to encounter the first resistance. Beyond that point, the asset could set a new all-time high.
On the other hand, an RSI of 67 tells us that Ether is almost getting into an overbought territory. If that happens, the price could head down to the first support level at $3,884 and the second one at $3,585. Further bearishness at that point could break the psychological support at $3,000 to settle the next support at $2,973.