The cryptocurrency market has stagnated over the last few hours despite recording gains over the weekend. Bitcoin has been trading around the $118k region over the last few days while Ether is still struggling to hit the $4k psychological level. Despite that, institutional appetite for crypto products continues to grow, and this could fuel the next leg up for Ether and other major cryptocurrencies. GameStop purchases over 8k ETH, spot Ether ETF weekly inflow hit $2.18B Ether, the second-largest cryptocurrency by market cap, is trading under $3,800 after losing less than 1% of its value in the last 24 hours. However, the coin could be gearing up for another rally that could see it hit the $4k psychological level. The rally could be fueled by growing institutional demand for Ether and Ether-related products. On Monday, GameStop, a Nasdaq-listed media and entertainment company, announced the purchase of 8,351 ETH worth $30 million. The acquisition came after the company’s board of directors increased its digital asset treasury management authorization from $100 million to $250 million. Other major spot Ethereum holders include Sharplink Gaming, Bit Digital, and BitMine Immersion. In addition to this, spot Ethereum ETFs recorded one of their best weeks last week. Data obtained from The Block revealed that spot Ethereum ETFs recorded a net inflow of $2.18 billion last week, taking the asset under management (AUM) to a new all-time high of $15.5 billion. BlackRock’s iShares Ethereum Trust ETF (ETHA) accounted for over 80% of last week’s inflow while also accounting for roughly 70% of the total trading volume. ETH targets $4k as market consolidates The ETH/USD chart shows that Ether is still bullish on the higher timeframe despite the consolidation on the lower timeframe. The pair is also efficient, suggesting that it could be preparing for an upward movement in the near term. The major technical indicators are still bullish as institutions gain more exposure to the Ethereum ecosystem. The MACD lines are within the bullish region, while the RSI of 74 shows that buyers are currently in control of the Ether market. Currently, Ether is trading above the 50 EMA at $3,604 and the 100 EMA at $3,411. If the bullish move continues, ETH may surge past the $3,832 level. A break above this horizontal resistance could trigger a move to $3,974 and possibly $4,110 over the coming days. Momentum indicators are getting overbought, which could see the rally take a breather before getting ready for another leg up. If that happens, ETH could test the major resistance level at TLQ at $3,490 over the next few hours. However, the trend remains bullish and would take a long bearish run to change this narrative in the near to medium term. The post Ether eyes $4K as institutions stock pile ETH appeared first on Invezz
