In recent weeks, the ETH price has displayed impressive price movements, reaching an all-time high. Currently, it is maintaining stability above $4,500 as institutional demand continues to strengthen.
Positive onchain data, particularly the “Fund Market Premium” (FMP) metric, indicates a shift towards positive territory, with on-chain activity on the rise.
This has sparked renewed excitement in the ETH market, with the outcome of today’s FOMC decision expected to set the tone for the rest of the year. Bullish sentiments are emerging, potentially supporting a rally towards the $6,800 range.
Positive Fund Market Premium Supports ETH Price Momentum
The Fund Market Premium (FMP) on CryptoQuant has been turning positive, indicating a price gap between futures contracts and spot markets. A positive premium suggests increased demand from institutional investors, leading to stronger and sustainable rallies.
Institutional confidence appears to be returning, with buyers willing to pay a premium to secure positions in Ethereum.
Rising Activity and FOMC Outcome Could Drive Further Upside
Another factor supporting the bullish outlook for ETH is the increase in active addresses throughout Q3, reflecting broader participation on Ethereum’s network.
A macro event like today’s FOMC meeting could significantly impact momentum and set the tone for future sessions. Speculation surrounding interest rate cuts could potentially boost buying pressure, propelling the ETH price towards $6,800 in the coming weeks.
