Ethereum price has been on the edge lately with recent Fidelity Digital Assets deposit of $103.55 million worth of ETH into Coinbase speculating sell-off concerns. The transactions, executed through Cumberland, have drawn attention from analysts, with some predicting a new all-time high (ATH) for Ethereum price despite this move.
This comes amid Fidelity reiterating its position on Ethereum’s fundamentals in the future, thus paving way for a possible ETH price rally to ATH in 2025.
Fidelity’s $103M ETH Transfer Raises Investor Optimism
In two transactions, Fidelity has transferred a total 31,249 ETH to Coinbase which is equal to $103.55 million. The last transaction of 11,250 ETH which was worth $36.9 million occurred only after the announcement.
These changes are being made by the crypto arm of the asset management firm while Ethereum continues to hold ground amidst bearish trends. This comes after Fidelity’s Look Ahead report highlighted on the strong fundamentals of Ethereum, a factor that is positive for the Ethereum price.
The report also points out that Solana is rapidly expanding, however, Ethereum remains more attractive to developers, has a higher TVL, and more stablecoins.
Ethereum Price Eyes New All Time High
The current price action of Ethereum suggests that the market is at the beginning of the uptrend, since the price has been making higher highs and higher lows on the long-term chart. As per the analysts, there are major support and resistance levels that could be the key to determining the price of Ethereum in the coming months.
Ethereum price has retraced from the recent high of $3926 and is currently trading around the support area of $3280 to $3183. This pullback is viewed as a correctional move before the bulls can be expected to come into play again. Crypto analysts have suggested that the ETH/USD pair must hold between $3.5k and $4k to ensure the continuation of the uptrend.
Some key ETH price resistances have been identified at $3,926, $4,614, and a possible Ethereum price breakout to $5,100 to $6,450.If bears take control of market, the crypto analyst has laid down potential support levels at $2,937 and $2,400.
Institutional Activity Fuels Long-Term Confidence
Concurrently, the institutional interest in Ethereum has been gradually increasing, which is supported by Fidelity’s transactions. The ability of Ethereum to be accessed via exchange-traded products is an edge it has over other blockchain networks such as Solana.
Still, Fidelity’s report points out that Solana has been growing since it offers relatively low costs and faster transaction times. However, it suggests that a significant part of Solana’s income is generated from memecoins, which may not be very effective during bear markets. On the other hand, Ethereum is believed to be less influenced by speculation, which makes it more suitable for investors with a longer horizon.
The report also highlights the upcoming Prague/Electra (Pectra) upgrade of Ethereum that focuses on increasing the platform’s scalability and user protection. Although the upgrade may not necessarily cause a rise in the ETH price in the short term, it will help improve the network’s capabilities.
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