Ethereum's Surge: What's Driving the Price Up?

Ethereum (ETH) is on a roll, trading at $3, 310, up 11% since the start of the year. This climb is fueled by a mix of fresh ETF investments and a network buzzing with activity. First off, Ethereum ETFs have seen a whopping $474. 6 million in inflows over just four days. This surge in interest from big investors is a strong signal. Data shows that daily, around 6, 964 ETH are being bought by institutions. While some firms are stepping back, others like Bitmine are still adding to their ETH stash.But it's not just about the money flowing in. Ethereum's network is more active than ever. In the last 30 days, the number of active addresses jumped by 53%, hitting a high not seen in 28 months. On January 15, there were 995, 779 active addresses, a number not seen since September 2023. And get this, on January 16, the network processed a record 2. 9 million transactions in a single day. This kind of activity hasn't been seen since December 2022. So, what does this mean for Ethereum's price? Well, analysts are pretty optimistic. As long as ETH stays above the $3, 050-$3, 170 range, there's a good chance it could hit $4, 500. Some even think it could go as high as $5, 500. But remember, price predictions are just that—predictions. They're not guarantees.