After Bitcoin surpassed $124,000 last week and reached a new ATH, expectations for a new ATH for Ethereum (ETH) have also increased.
ETH, which came very close to breaking its previous ATH in 2021, experienced a sharp decline following macroeconomic data from the US.
It is stated that there is a risk of continuing the decline for Ethereum, which fell from the levels of $ 4,700 to $ 4,200.
At this point, analysis company Matrixport stated that the rise in Ethereum is due to treasury companies.
Sharing its current analysis from the X account, Matrixport stated that Ethereum’s rise depends on the continuous demand from Treasury institutions and its ability to maintain the $4,180 support level.
Matrixport also noted that while spot Etheruem ETF inflows were strong, network activity was still weak.
At this point, the analyst firm also warned that failure to maintain the $4,180 level could lead to further declines.
“Ethereum ETF inflows have been largely fueled by the launch and growth of Ethereum Treasury companies, and the continued momentum of these players is vital for further price appreciation.
Ethereum must defend the $4,180 level, otherwise it risks further declines.
*This is not investment advice.
