Ethereum Price On The Verge: Banks And State Buy To Push ETH Above $5,500?

Crypto analyst Xanrox predicts Ethereum will rally to $5,500, a new all-time high, due to institutional buying from banks and states. He believes Ethereum is part of the USA crypto reserve and highlights the potential impact of Ethereum ETFs. Institutional investors view ETH as the future of crypto, evidenced by increasing interest and fund inflows. Technically, Xanrox notes ETH is in an ascending channel with strong bullish momentum, suggesting a good buying opportunity. He anticipates consolidation around the $5,500 level before further potential price increases. Bitwise CIO Matt Hougan also foresees a demand shock for ETH, driven by ETFs and corporate treasuries. Hougan notes that ETH ETF holdings are underweight compared to Bitcoin, expecting increased allocation. He estimates a potential $20 billion ETH purchase by ETFs and treasuries in the next year. This demand could significantly outstrip the ETH supply, further fueling price increases. Currently, Ethereum is trading around $3,700, reflecting recent gains.